Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon signed a FinTech Cooperation Agreement (CA) last November 16, 2017, in Singapore, to promote innovation in financial services in their respective markets.
With the CA, the authorities will be able to refer promising FinTech firms to each other, share emerging FinTech trends and developments, and facilitate work on FinTech projects together.
“The agreement serves as a seal of commitment between BSP and MAS to elevate financial innovation in both jurisdictions,” Governor Espenilla said. “The CA provides avenues for greater collaboration through a more defined structure and referral system for FinTech players between the innovation functions of each authority. The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies. This would ultimately pave the way for a more progressive, modern and inclusive financial system.”