The National Bank of Cambodia (NBC) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MoU), to strengthen bilateral cooperation in Financial Technology (FinTech) innovation, on April 4 at the ASEAN meeting in Thailand.
The two central banks will share information on emerging market trends and developments in FinTech, as well as on regulatory issues pertaining to innovation in financial services. They will work together to conduct joint training sessions to share expertise and foster cross-border cooperation.
Neav Chanthana, Deputy Governor of the NBC, said that the MoU marks a further step in bilateral financial cooperation, “This will also allow us to share experiences and information related to FinTech … and reap the benefits of the new innovation in financial technology, enhance payment systems, and promote financial inclusion.”
Jacqueline Loh, Deputy Managing Director of the MAS, finds that “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. This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”