The FinTech Cooperation Agreement

The FinTech Cooperation Agreement signed between Autoriti Monetari Brunei Darussalam (AMBD) and Monetary Authority of Singapore (MAS) in conjunction with the President of the Republic of Singapore's State Visit, aims to foster innovation in financial services between Brunei Darussalam and Singapore. The agreement will facilitate the sharing of information on emerging FinTech trends and developments, and promote joint innovation projects between both countries.

AMBD, in its press release, said that the agreement will also establish a framework for both authorities to provide support for FinTech companies 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 cooperation framework that will provide mutual benefits to businesses and consumers in the two countries.

Meanwhile, in the Memorandum of Understanding (MOU) signed between the Financial Intelligence Unit, Autoriti Monetari Brunei Darussalam (FIU, AMBD) and the Suspicious Transaction Reporting Office, Commercial Affairs Department, Singapore Police Force (STRO), both agencies agree to cooperate in the exchange of financial intelligence that may assist in the investigation and prosecution of persons suspected of money laundering and terrorism financing. The signing of the MOU marks the strong commitment of both agencies in the global fight against money laundering and terrorism financing. The MOU with STRO is the sixth that FIU, AMBD has signed. Current MOUs include those signed with the Financial Intelligence Units of Malaysia, Indonesia, South Korea, Bangladesh and Cambodia.

According to AMBD, the signing of MOUs with other Financial Intelligence Units is in line with the Principles of Information Exchange of the Egmont Group, the global organisation of international Financial Intelligence Units. FIU, AMBD became a member of the Egmont Group in June 2014 and STRO became a member in December 2000.

In addition, the signing of MOUs is an important step towards complying with international standards on anti-money laundering and combating the financing of terrorism, in particular the Financial Action Task Force Recommendation 29.

FIU, AMBD and STRO are the central agencies in Brunei Darussalam and Singapore respectively for receiving, requesting, analysing, and disseminating disclosures of suspicious transaction reports and other information related to money laundering and terrorism financing.

Source: Radio Television Brunei

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