SINGAPORE - The monetary authorities of Singapore and Brunei have agreed to expand their existing cooperation into new areas of partnership.
The Monetary Authority of Singapore (MAS) and Autoriti Monetari Brunei Darussalam (AMBD) on Tuesday signed a memorandum of understanding (MOU) to further bilateral cooperation, they said in a joint statement.
The two organisations will cooperate on capital market development and exchange views on monetary management and operations, banking supervision and payment and settlement arrangements, among other things.
This builds on the existing collaboration between the two countries, including the Currency Interchangeability Agreement between Brunei Darussalam and Singapore and the ongoing bilateral dialogue between MAS and AMBD.
MAS managing director Ravi Menon, said in the statement 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, added that the MOU would further strengthen the relationship between both monetary authorities for the mutual beneficial development of Brunei's and Singapore's financial services industries.