The Saudi Central Bank (SAMA) has signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in the fields of fintech (finance technology) and innovation.
The agreement aims to strengthen collaboration and foster mutual development of the two organizations. It seeks to facilitate activities in international markets while respecting the rights and obligations of both parties and providing a robust framework for cooperation between the innovation departments of both organizations.
Furthermore, it intends to establish effective mechanisms for sharing information regarding fintech and innovation, promote their utilization in the markets, and enhance cooperation as well as foster coordinated efforts in areas of mutual interest.
The cooperation agreement was signed by SAMA Governor Mr. Ayman Al-Sayari and Singapore Minister for Foreign Affairs Dr. Vivian Balakrishnan, representing MAS.
According to the statement, the cooperation agreement represents a landmark milestone in advancing fintech and innovation, showing high commitment to leveraging resources and expertise available to both parties. MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.
Last month, SAMA launched a training program in order to combat online fraud. The training will span three months and teach specialized skills to a team drawn from SAMA and local banks. SAMA said in a statement that the new program will include comprehensive and intensive cyber fraud education and on-the-field training.