The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) announced that they have signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.
The agreement allows both parties to refer FinTech companies to each other so that the companies would be able to tap on the support to better understand the regulatory regime in each country. It also sets forth a framework under which MAS and CBE can explore potential joint innovation projects and share information on emerging FinTech trends.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said:
We are delighted to work with the CBE on this FinTech partnership. The FinTech ecosystems in Singapore and Egypt have their unique set of opportunities, and this agreement signifies MAS’ and CBE’s commitment to accelerate the growth of FinTech through collaboration and knowledge-sharing. We believe that this will create more opportunities for FinTech firms between our countries.