The Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have agreed to work together on fintech and innovation.

The agreement was signed by H.E. Mr. Ayman Al-Sayari, Governor of SAMA, and H.E. Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of Singapore, representing MAS.

It aims to provide a robust framework for cooperation between the innovation departments of both central banks.

Both regulators also intend to establish effective mechanisms for sharing information regarding fintech and innovation as well as promote their utilisation in the markets.

SAMA and MAS also intend to enhance cooperation and foster coordinated efforts in areas of mutual interest.

This article first appeared on fintechnews.sg