Thanks to a new memorandum of understanding, Thailand and Singapore will cooperate on fintech.
Singapore has shaken Thailand’s hand on a new fintech deal, locking their central banks in a memorandum of understanding.
The MOU will allow the Bank of Thailand and the Monetary Authority of Singapore to share information on fintech market trends as well as regulatory updates. It also signals each governments’ intent to use fintech to improve cross-border capital flows, the MAS said.
Commenting on the deal, Veerathai Santiprabhob, Governor of the BOT, said it would help see off the threat of financial crises.
“In our present era [of] volatility, complexity and technological innovations, I believe that strengthening cooperation among our institutions will play a key role in fostering regional financial stability and sustainable growth.”
Thailand was one of the worst hit countries by the south Asian financial crisis in the 1990s, which caused its stock market to drop 75 percent, the baht to collapse, and saw its central bank churn through three presidents in two years.
The partnership is the latest in the prolific deal-making of MAS, which has already inked in similar MOU’s with Hong Kong, Australia, the United States and Malaysia.