Brunei and Singapore to Deepen Collaboration for Financial Supervision

The Brunei Darussalam Central Bank (BDCB) and Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) to deepen cooperation in banking and insurance supervision.

BDCB and MAS will look into the effective supervision of banks and insurers operating across the two jurisdictions, including through information exchange and cross border on-site inspections.

During the fourth BDCB-MAS Bilateral Roundtable, both regulators had also exchanged views on recent economic and financial developments, cooperation in sustainable finance to accelerate climate change mitigation and adaptation in ASEAN.

In addition to that, developments in Central Bank Digital Currencies and cross-border payments were also discussed.

Rokiah Badar

Rokiah Badar remarked,

“The MOU solidifies existing longstanding relationships between BDCB and MAS in the field of financial sector development and stability.”

Ravi Menon

Ravi Menon said,

“We had a good exchange of views, further strengthening the very good relations between MAS and BDCB.”

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• Source: https://fintechnews.sg/69362/fintech/brunei-and-singapore-to-deepen-collaboration-for-financial-supervision/