Cambodia, Singapore In Cross-Border FinTech Pact

Tuesday, April 16, 2019

Cross-border FinTech efforts have seen increasing participation from central banks and monetary authorities.

Among the most recent headlines, in Asia this past week, the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia have signed a memorandum of understanding (MOU), that Business Times said will boost partnerships on FinTech and financial services innovation. The banks have also agreed to share data on emerging markets. The MOU dictates that the banks will train FinTech startups with an eye on cross-border transactions.

Deputy Managing Director of MAS Jacqueline Loh said the relationship demonstrates a FinTech that may extend to other countries in the ASEAN region.

“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,” said National Bank of Singapore Deputy Governor Neav Chanthana of the partnership.

Photo courtesy of Rory.

Source: PYMNTS (link opens in a new window)

digital finance, financial inclusion, fintech