The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS) announced on Tuesday they have signed a Memorandum of Understanding (MOU) to strengthen cooperation between the two countries in fintech.
According to the two organization, the MOU will support the sharing of information on emerging Fintech trends and developments and facilitate co-operation on innovation projects in Bahrain and Singapore. The agreement also sets out a common framework to help fintech companies prepare for regulatory requirements in both countries. While sharing more details about the agreement, Rasheed Al Maraj, Governor of the CBB, stated:
“This MOU represents our ongoing cooperation with the Monetary Authority of Singapore, and marks an important milestone in the mutual efforts undertaken by both authorities in enhancing our Fintech ecosystems.”
Ravi Menon, Managing Director of MAS, went on to add:
“In recent years, FinTech has created new linkages between the Middle Eastern and South East Asian regions. With this MOU, we look forward to strengthening these linkages and expanding opportunities for FinTech firms in Bahrain and Singapore.”