SINGAPORE - The monetary authorities of Singapore and Brunei have signed a Memorandum of Understanding (MoU) on bilateral cooperation, said the Monetary Authority of Singapore (MAS) in a statement today.
Under the MoU, the MAS and Autoriti Monetari Brunei Darussalam (AMBD) will cooperate on capital market development and capacity building, and exchange views and best practices on monetary management and operations, human resources, information technologies, banking supervision and payment and settlement.
This builds on existing pillars of cooperation, including the Currency Interchangeability Agreement between Brunei and Singapore and the bilateral dialogue between the MAS and AMBD.
MAS managing director Ravi Menon said that the MoU "will lay a firm foundation to further deepen financial ties between our two countries".
Dato Mohd Rosli Sabtu, managing director of AMBD, believes it will further strengthen the relationship and cooperation between both monetary authorities for the mutual beneficial development of the financial services industries in both countries.