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Singapore, Brunei Sign Regulatory Cooperation Pact

by Mary Swire, LawAndTax-News.com, Hong Kong

25 April 2014


The Monetary Authority of Singapore (MAS) and Autoriti Monetari Brunei Darussalam (AMBD) have signed a Memorandum of Understanding (MOU) to boost cooperation on capital market development, which will boost financial services ties between the territories.

Under the MOU, MAS and AMBD will also exchange views and best practices on monetary policy management and operations, human resources, information technologies, banking supervision, and payment and settlement services. The MOU builds on the existing pillars of cooperation between the two sides, including the Currency Interchangeability Agreement (CIA), and ongoing regulatory collaboration.

MAS Managing Director, Ravi Menon, said: "MAS has longstanding and excellent relations with the AMBD. The MOU will lay a firm foundation to further deepen financial ties between our two countries."

In his comments, Mohd Rosli Sabtu, Managing Director of AMBD, highlighted the existing CIA between Brunei Darussalam and Singapore, which has benefited both parties. He believed that the MOU will further strengthen the relationship and cooperation between both monetary authorities for the mutual beneficial development of the financial services industry in both countries.

TAGS: Brunei | banking | financial services | capital markets | Singapore | agreements | memorandum of understanding (MOU) | currency | services

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