The Monetary Authority of Singapore (MAS) has signed a pact with the Central Bank of Kenya (CBK) to boost fintech ties.

Under the partnership, the two parties will work to develop basic digital infrastructure services for Kenya depending on some common standards.

Among the services planned are identity, data and Know-Your-Customer utility.

CBK governor Patrick Njoroge said: “The motivation is the conviction that FinTech offers a great opportunity for transforming many lives, in Africa and Asia, and the rest of the world.”

MAS signed fintech agreements with various regulators in the past.

Earlier this year, the central bank signed an agreement with the National Bank of Cambodia to support fintech innovation.

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Earlier, the Singapore watchdog struck similar deals with regulators in Bahrain, Indonesia, and Dubai.

Commenting on the latest agreement, MAS managing director Ravi Menon said: “The two central banks started with a simple but ambitious vision: to bring together the innovative energies of Africa and Asia to solve basic gaps in the financial system and improve the lives of our people through technology. Today, we have taken a major step towards our vision.

“The FinTech cooperation between Kenya and Singapore will serve as a launch pad for FinTech firms and financial institutions in our two countries to collaborate on innovative solutions customised towards enhancing financial inclusion in Africa and Asia.”