The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) to strengthen cooperation on banking supervision.

The agreement builds on years of collaboration between the two regulators and will support the exchange of information and mutual assistance for supervisory purposes.

The arrangement is aimed at improving oversight of banks with operations in both Singapore and Hong Kong, where lenders from each market have a significant presence.

Chia Der Jiun, Managing Director, MAS, said,

“This MOU reaffirms the strong partnership between MAS and the HKMA and paves the way for deeper collaboration, fostering supervisory cooperation, exchange of information and sharing of best practices in key areas of mutual interest between the authorities.”

Eddie Yue, Chief Executive of the HKMA, said,

“Hong Kong and Singapore are the two leading international financial centres in the region.

The signing of the MoU reinforces the close ties between the two authorities and enhances supervisory cooperation and information sharing in respect of cross-border banking matters in both jurisdictions.”

This article first appeared on Fintech News Singapore.

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