The Bank of Thailand and the Monetary Authority of Singapore have signed a financial IT co-operation agreement and updated an existing memorandum of understanding to do with banking supervision.

Both documents were signed at a biennial meeting that the two regulators hold. This year’s meeting was in Singapore.

The agreement seems to be aimed at Thai and Singaporean financial expansion in the Asia Pacific area, helping them to share information about emerging trends in the market and their effect on regulations, and also helping them to refer 'fintech' companies to each other. Jointly "innovation projects," especially cross-border ones, are in the offing.

The MOU regarding bank supervision has been in place since 2006. Its update is designed to help the two countries co-operate in making their banking systems more resilient. Its provisions go more deeply than before into information exchange and co-operation in the areas of licensing, on-site examinations, supervisory colleges and crisis management. The two regulators think of the two agreements as complementary.