Singapore Regulator and Cambodian National Bank Sign FinTech MOU

The Monetary Authority of Singapore (MAS) announced on Thursday that it has formed a new partnership with the National Bank of Cambodia (NBC).

According to a statement published on the MAS website, the two regulators have signed a memorandum of understanding aimed at strengthening innovation in the two countries’ respective financial technology industries.

The deal was signed at a central banking event which took place in Thailand this Thursday.

“This MOU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term to create new opportunities that will benefit both individuals and businesses,” said Jacqueline Loh, Deputy Managing Director, MAS.

“This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”

Regulatory training sessions

Under the MOU, the two regulators will be sharing information on emerging market trends and developments in financial technology.

On top of that, the MOU means they will be working on regulating innovative technologies.

The NBC and MAS will also be holding joint training sessions to share their regulatory expertise and improve the cross-border cooperation between the two countries.

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

“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.”