The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have exchanged a memorandum of understanding (MOU) on banking supervisory cooperation.
According to a Sept 17 announcement, MAS and HKMA have been collaborating on banking supervision “closely over the years”.
The MOU strengthens the supervisory cooperation and facilitates the exchange of information and mutual assistance for supervisory purposes between the two authorities, reads a joint announcement. “Given the significant presence of Singapore and Hong Kong banks in both jurisdictions, such cooperation enhances the supervision of cross-border operations of banks under the purview of both authorities.”
MAS managing director Chia Der Jiun says: “This MOU reaffirms the strong partnership between MAS and HKMA and paves the way for deeper collaboration, fostering supervisory cooperation, exchange of information and sharing of best practices in key areas of mutual interest between the authorities.”
HKMA chief executive Eddie Yue says: “Hong Kong and Singapore are the two leading international financial centres in the region. The signing of the MOU reinforces the close ties between the two authorities and enhances supervisory cooperation and information sharing in respect of cross-border banking matters in both jurisdictions.”
