BSP volts in with Singapore central bank for fintech solutions
These two regulators will soon be sharing notes on digital solutions.
The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) has signed a cooperation agreement on financial technology (fintech), with the central banks looking to tap each other’s first-hand experience in dealing with such disruptions to the banking system.
“The agreement serves as a seal of commitment between BSP and MAS to elevate financial innovation in both jurisdictions,” BSP Governor Nestor Espenilla, Jr. said in the statement.
“The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies. This would ultimately pave the way for a more progressive, modern and inclusive financial system.”
The Philippine central bank has been receptive about digital innovation and fintech players as more financial transactions enter the online space.