Fintech bridges are all the rage and the Monetary Authority of Singapore inked yet another co-operation agreement, this time with The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to promote fintech in one another’s respective countries.
The key benefit for these types of agreements is it provides an avenue for startups from one country to enter the other. If authorities pinpoint a promising startup, they can help facilitate its expansion between the Philippines and Singapore.
The co-operation agreement also puts pen-to-paper an agreement to co-operate on sharing trends and cooperating on projects. One example brought up in the announcement is facilitating cross-border payments and improving know-your-customer standards.
“The CA (co-operation agreement) provides avenues for greater collaboration through a more defined structure and referral system for FinTech players between the innovation functions of each authority,” said Nestor A. Espenilla, Jr., the Governor of BSP, in a statement.
Ravi Menon the Managing Director at MAS said he hoped the agreement could provide a framework for broader ASEAM fintech co-operations.
As should be expected, the MAS has released a ton of updates during its Fintech Festival — including similar agreements with Hong Kong, Poland and a new collaboration organisation called the ASEAN Financial Innovation Network.