The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) have announced a cooperation agreement to boost Fintech innovation between the two countries. MAS has initiated many of these bilateral agreements and is core to their strategy of being a global Fintech hub. Singapore is widely recognized as one of the top locations for Fintech innovation.
The Cooperation Agreement was signed at Seamless North Africa 2018, a conference focused on Payments, FinTech and eCommerce.
Sopnendu Mohanty, Chief FinTech Officer of MAS, said they were delighted with the new partnership as Singapore and Egypt have their unique set of opportunities.
“This agreement signifies MAS’ and CBE’s commitment to accelerate the growth of Fintech through collaboration and knowledge-sharing. We believe that this will create more opportunities for Fintech firms between our countries,” said Mohanty.
The agreement is said to allow both parties to refer Fintech companies to each other so that the companies would be able to tap on the support to better understand the regulatory regime in each country. It also sets forth a framework under which MAS and CBE can explore potential joint innovation projects and share information on emerging Fintech trends.