What has happened?
The Monetary Authority of Brunei Darussalam (AMBD) and the Monetary Authority of Singapore (MAS) have signed a FinTech co-operation agreement to foster innovation in financial services between the two countries.
What does this mean?
In a press release, MAS says that the agreement will facilitate the sharing of information on emerging FinTech trends and developments, and promote joint innovation projects between both countries.
It will also establish a framework for both authorities to provide support for FinTechs to better understand the regulatory regime and opportunities in each jurisdiction.
AMBD and MAS will also work together to enhance the retail payment ecosystem between Brunei Darussalam and Singapore.
Both authorities will be guided by a co-operation framework that will provide mutual benefits to businesses and consumers in the two countries.
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