With the announcement of two new signings on Saturday, May 12th, the Financial cooperation initiative between Singapore and Brunei has received a further boost.
The President of Brunei, Sultan Hassanal Bolkiah and the President of Singapore, Halimah Yacob were present at the signings of a financial technology agreement seeking to accelerate innovations in financial services, and a memorandum of understanding (MOU) to exchange information regarding terrorist financing and money laundering.
In her four-day visit to Brunei, Madam Halimah, made time to attend a welcome ceremony at the Istana Nurul Iman where she was graced with a 21-gun salute.
Also even before the agreements were signed Madam Halimah had a bilateral meeting with Sultan Bolkiah.
Along with being accompanied by her husband Mr. Mohamed Abdullah Alhabshee, esteemed dignitaries like the Finance Minister Heng Swee Keat, Senior Minister of State for Defence and Foreign Affairs Maliki Osman, and Members of Parliament Desmond Choo, Lim Wee Kiak, and Joan Pereira also joined Madam Halimah.
The Fintech agreement between the Monetary Authority of Singapore (MAS) and the Autoriti Monetari Brunei Darussalam will enable both countries to discuss potential Fintech developments and trends, and also provide referrals to Fintech companies in the respective countries. Which could even lead to potential joint venture innovation projects between both the countries.
This marks the 20th such agreement that MAS has signed with various countries and territories, countries such as Britain, Hong Kong, and Abu Dhabi.
Significantly the other MOU, between Singapore’s Suspicious Transaction Reporting Office (STRO) and the Financial Intelligence Unit of Brunei Darussalam, was first proposed a decade ago in 2008.
This MOU would offer the exchange of vital information such as cross-border transfer of cash suspicious transaction reports, or casino cash transaction reports for the purpose of tackling problems of money laundering and terrorist financing.
Notably, STRO has received as many as nine letters of undertaking for various countries. While previously already having signed 38 such memorandum of understanding (MOUs).