By Mr Peter Ong, Chairman, Enterprise Singapore And Board Member, Monetary
Authority Of Singapore, At Global Investor Summit at Singapore FinTech Festival
2018 MAS to place up to US$5 billion with private equity and infrastructure
fund managers 2018 Global FinTech Hackcelerator winners announced at Singapore
FinTech Festival Bahrain and Singapore strengthen cooperation in FinTech.
Singapore, 13 November 2018… The Central Bank of
Bahrain (CBB) and the Monetary Authority of Singapore (MAS) today signed a
Memorandum of Understanding (MOU) to foster innovation in financial services
between the two countries.
The MOU will support the sharing of information on
emerging Fintech trends and developments, and facilitate co-operation on
innovation projects in Bahrain and Singapore. The MOU also sets out a common
framework to help FinTech companies prepare for regulatory requirements in both
Mr. Rasheed Al Maraj, Governor of the CBB, said,
“This MOU represents our ongoing cooperation with the Monetary Authority of Singapore,
and marks an important milestone in the mutual efforts undertaken by both
authorities in enhancing our Fintech ecosystems.”
Mr Ravi Menon, Managing Director, MAS, said, “In
recent years, FinTech has created new linkages between the Middle Eastern and
South East Asian regions. With this MOU, we look forward to strengthening these
linkages and expanding opportunities for FinTech firms in Bahrain and
The signing of the MOU took place on the sidelines
of the Singapore FinTech Festival 2018.
About the Singapore FinTech Festival
(www.fintechfestival.sg) Singapore FinTech Festival (SFF) is the world’s
largest FinTech festival and global platform for the FinTech community, drawing
more than 30,000 participants last year which comprised of FinTech players,
technopreneurs, policy makers, financial industry leaders, investors including
private equity players and venture capitalists, and academics. The 2018
Festival will see participants from over 100 countries and host more than 250
global luminaries and 400 exhibitors, featuring highlights such as the FinTech
Conference with a new AI in Finance Summit and Global Investors’ Summit, the
FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl, Industry
Networking and Workshops. The Festival is organised by the Monetary Authority
of Singapore (MAS) in partnership with The Association of Banks in
Singapore and in collaboration with SingEx Holdings.
Festival Grand Sponsors include AMTD, Deloitte, GIC, Google Cloud and
Prudential. Find out more at http://fintechfestival.sg.
About Central Bank of Bahrain The Central Bank of
Bahrain (CBB) is a public corporate entity established by the 2006 CBB and
Financial Institutions Law. It was created on 6th September 2006.
The CBB is responsible for maintaining monetary and
financial stability in the Kingdom of Bahrain. It succeeded the Bahrain
Monetary Agency, which had previously carried out central banking and
regulatory functions since its establishment in 1973.
The CBB inherits the BMA’s 33-year track record and
wide range of responsibilities. It implements the Kingdom’s monetary and
foreign exchange rate policies, manages the government’s reserves and debt
issuance, issues the national currency and oversees the country’s payments and
settlement systems. It is also the sole regulator of Bahrain’s financial
sector, covering the full range of banking, insurance, investment business and
capital markets activities.
The CBB’s wide scope of responsibilities allows a
consistent policy approach to be undertaken across the whole of the Kingdom’s
financial sector. It also provides a straightforward and efficient regulatory
framework for financial services firms operating in Bahrain.
About the Monetary Authority of Singapore As Singapore’s central bank,
the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary
economic growth through the conduct of monetary policy and close macroeconomic
surveillance and analysis. It manages Singapore’s exchange rate, official
foreign reserves, and liquidity in the banking sector. As Singapore’s
integrated financial supervisor, MAS fosters a sound financial services sector
through its prudential oversight of all financial institutions in Singapore –
banks, insurers, capital market intermediaries, financial advisors, and stock
exchanges. It is also responsible for well-functioning financial markets, sound
conduct, and investor education. MAS works with the financial industry to
promote Singapore as a dynamic international financial centre. It facilitates
the development of infrastructure, adoption of technology, and upgrading of
skills in the financial industry.