PH and SG Central Banks Announce Fintech Agreement

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The Singapore and Philippine Central Banks announced an unprecedented agreement that could create a better Fintech environment between the two countries, built over blockchain tech.

singapore mas

Fintech Co-Operation Agreement

The Philippines’ Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) signed the “Fintech Co-Operation Agreement“. The aim of which is to have cross-cultural sharing and promoting of financial technology in both countries.

Collaboration

The central banks of both the Philippines and Singapore are bounded by the agreement to collaborate and share new Fintech trends from one country to the other. The two will also collaborate to refer fintech companies to each other.

KYC

Additionally, both banks will use blockchain tech to facilitate KYC processes faster than before. (Read: What is KYC – Know your Customer – and why is it needed?)

Background – Philippine Central Bank

The Bangko Sentral ng Pilipinas is notable for being one of the first central banks in the world to issue a memorandum that effectively recognizes bitcoin as an emerging virtual currency. The BSP chose to engage and not prohibit cryptocurrency use in the country. It does issue the circular to ensure not a single amount of laundered money is injected into the circulation via the bitcoin exchange sites in the Philippines. (Read: The numerous bitcoin sites in the Philippines)

The Philippines is also home to Coins.ph and Satoshi Citadel Industries, two well-known companies in Asia that engage in blockchain tech.

Background – Monetary Authority of Singapore

Recently, Singapore’s MAS is experimenting with blockchain tech together with the Hong Kong Monetary Authority to digitize financial trade through the Hong Kong Trade Finance Platform. This is part of an ongoing trial whose final aim, if successful, is for Singapore to launch their own cryptocurrency.

Sources: Cryptocoins News, CNBC, Monetary Authority of Singapore

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[…] to plan how to proceed with cryptocurrency and the blockchain. Last time, we knew that the BSP was in talks with the Monetary Authority of Singapore to promote cross-cultural sharing of fintech in both countries. Companies engaged in using […]

[…] A number of banks are already onboard the B2B Connect System. Among them is South Korea’s Shinhan Bank. Singapore’s United Overseas Bank, and the Philippines’ Union Bank. (Read: PH and SG Central Banks announce Fintech Partnership). […]

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

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