BSP, MAS sign fintech agreement
PHILIPPINE and Singaporean monetary authorities on Thursday inked a cooperation agreement - cial services innovation in their respective markets.
The agreement between the Bangko Sentral ng Pilipinas - a framework for cooperation and collaboration between the two
In a joint statement, the BSP other, share emerging trends and developments, and facilitate work
The projects could involve tapping new financial technologies such as distributed ledgers and providing innovative solutions such as facilitating faster cross-border payments and streamlining “knowyour-client” (KYC) processes.
Bangko Sentral Governor Nestor Espenilla Jr. said the agreement was a seal of commitment
both jurisdictions.
greater collaboration through a system for FinTech players between the innovation functions of each authority,” he said.
“This would ultimately pave the way for a more progressive, modern and inclusive financial system,” he added.
Menon said both monetary au- thorities were like- minded in their focus to harness financial technology to reduce inefficiency and benefit individuals and businesses.
between our two agencies provides - cial innovation not only in our countries but can also potentially contribute to broader efforts in
The signing ceremonies were held at the sidelines of the ongoing 2nd Singapore FinTech Festival.