The Monetary Authority of Singapore (MAS) announced on Thursday that it has formed a new partnership with the National Bank of Cambodia (NBC).
According to a statement published on the MAS website, the two regulators have signed a memorandum of understanding aimed at strengthening innovation in the two countries’ respective financial technology industries.
The deal was signed at a central banking event which took place in Thailand this Thursday.
“This MOU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness FinTech to create new opportunities that will benefit both individuals and businesses,” said Jacqueline Loh, Deputy Managing Director, MAS.
“This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”
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Regulatory training sessions
Under the MOU, the two regulators will be sharing information on emerging market trends and developments in financial technology.
On top of that, the MOU means they will be working on regulating innovative technologies.
The NBC and MAS will also be holding joint training sessions to share their regulatory expertise and improve the cross-border cooperation between the two countries.
“The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MOU,” said H.E. Neav Chanthana, Deputy Governor of the NBC.
“This will also allow us to share experiences and information related to FinTech to better manage and reap the benefit from the new innovation in financial technology in order to enhance payment system and promote financial inclusion.”