The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) signed a co-operation Agreement (CA) on Financial Technology (Fintech) on Thursday, November 16, in their bid to promote innovation in financial markets.
The CA between BSP and MAS, Singapore’s central bank and integrated financial regulator, was signed at the sidelines of the 2nd Singapore FinTech Festival on November 13 to 17, 2017 in Singapore.
“The agreement serves as a seal of commitment between BSP and MAS to elevate financial innovation in both jurisdictions. The CA provides avenues for greater collaboration through a more defined structure and referral system for FinTech players between the innovation functions of each authority. The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies," said Nestor Espenilla, Jr., BSP governor, in a statement.
He added that the CA would ultimately pave the way for a more progressive, modern and inclusive financial system.
BSP said in a statement that the BSP-MAS CA "provides a framework for co-operation and collaboration between the two authorities relating to Fintech."
"The authorities will be able to refer promising Fintech firms to each other, share emerging Fintech trends and developments, and facilitate work on FinTech projects together. These projects could involve tapping on new financial technologies, like distributed ledgers, to provide innovative solutions to industry problems, such as facilitating faster cross-border payments and streamlining “know-your-client” processes," BSP added.
For his part, MAS managing director Ravi Menon said “MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses. This Cooperation Agreement between our two agencies provides a framework for promoting financial innovation not only in our countries but can also potentially contribute to broader efforts in Asean.”