Monetary Authority of Singapore signs new fintech pact

The Monetary Authority of Singapore (MAS) has announced a new fintech collaboration deal with the Central Bank of Kenya (CBK). 

In a bid to improve and support Kenya’s  “basic digital infrastructure services”, the ‘FinTech Cooperation Agreement’ aims to establish a relationship between the two countries.

Both banking entities will focus on developing identity based services, focus on data processes and KYC solutions for the African nation. 

Ravi Menon, Managing Director, MAS, explained: “The two central banks started with a simple but ambitious vision: to bring together the innovative energies of Africa and Asia to solve basic gaps in the financial system and improve the lives of our people through technology. Today, we have taken a major step towards our vision. 

“The FinTech cooperation between Kenya and Singapore will serve as a launch pad for FinTech firms and financial institutions in our two countries to collaborate on innovative solutions customised towards enhancing financial inclusion in Africa and Asia.”

Signed at the inaugural Afro-Asia FinTech Festival in Nairobi, Singapore and Kenya will base the development of new services on a “set of common standards”.”

Singapore has been active in 2019 with fintech-based partnerships reaching all the globe with similar agreements in place with China and the UK.

Patrick Njoroge, Governor, CBK, said: “We have gathered in Nairobi to celebrate the newest bridge for financial innovation, bringing together more than three-quarters of the world’s population. 

“The motivation is the conviction that FinTech offers a great opportunity for transforming many lives, in Africa and Asia, and the rest of the world. We can only imagine what the consequence of this Afro-Asia FinTech Festival will be over the next 50 years. 

“Through this Festival, and in the amount of talent that has been brought together, collaboration offers the best chance for creating an effective ecosystem for financial innovation.”