Singapore, 14 Feb 2018 – The central banks of Singapore and Egypt have signed a cooperation agreement on Fintech.
Under the agreement, the Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBD) may refer fintech companies to each other so that the companies can better understand the regulatory regime in each country. The pact also establishes a framework for exploring joint innovation projects and for sharing information on emerging fintech trends.
The agreement signifies MAS’ and CBE’s commitment to accelerate the growth of fintech through collaboration and knowledge-sharing.
According to Governor Tarek Amer, more than $100 billion have been pumped into the Egyptian economy. Further, CBE and the government are working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs).
