Singapore and Brunei strengthen banking alliance

The Central Bank of Brunei Darussalam and the Monetary Authority of Singapore have taken a step towards strengthening their cooperation in the banking and insurance sector. The two organizations recently signed a Memorandum of Understanding (MoU) with the aim of deepening their collaboration in supervision.

As part of the MoU, both the Central Bank of Brunei Darussalam and the Monetary Authority of Singapore will focus on effective supervision of banks and insurance companies operating in both jurisdictions, which will include exchanging information and conducting cross-border inspections.

The recent BDCB-MAS Bilateral Roundtable also provided an opportunity for both regulators to discuss various topics, such as recent economic and financial developments, as well as sustainable finance for climate change mitigation and adaptation in ASEAN. The discussion also touched upon the advancements in Central Bank Digital Currencies and cross-border payments.

According to Rokiah Badar, the MoU solidifies the existing relationship between the BDCB and MAS in the financial sector and stability. Ravi Menon, who was also present at the roundtable, mentioned that both organizations had a productive exchange of views, further enhancing their strong relationship.