by CIO ASEAN Staff

Cambodia and Singapore strengthen cooperation in fintech innovation

Apr 05, 2019
Financial Services IndustryTechnology Industry

The announcement took place during the 5th ASEAN Finance Ministers’ and Central Bank Governors' Meeting in Chiang Rai, Thailand

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Credit: James Teoh Art / Getty Images

The Monetary Authority of Singapore (MAS) announced on 4 April that it has signed a Memorandum of Understanding (MOU) with the National Bank of Cambodia (NBC) to strengthen cooperation in fintech innovation between both countries.

The signing of the MOU took place on the sidelines of the 5th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM 5), held in Chiang Rai, Thailand, from April 3-5, together with the 23rd ASEAN Finance Ministers’ Meeting (AFMM 23).

During AFMM 23, AFMGM 5 and related meetings, ASEAN officials will discuss issues such as the liberalisation of cross-border financial services, e-payments and the role of currencies in the region.

Finance ministers will work with the Asian Development Bank (ADB) to branch out the green bond market to support environmentally friendly projects in the region.

Cross-border cooperation in fintech

Under the MOU, Singapore and Cambodia will share information on emerging market trends and developments in fintech, as well as regulatory issues relating to innovation in financial services.

The two authorities will also work together to conduct joint training sessions to share expertise to foster cross-border cooperation.

“The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MOU,” said NBC’s deputy governor, H E Neav Chanthana. “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.”

“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,” added Jacqueline Loh, Deputy Managing Director at MAS.