SINGAPORE - The central banks of Singapore and Egypt have signed a cooperation agreement on Fintech.

Under the agreement, the Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBD) may refer fintech companies to each other so that the companies can better understand the regulatory regime in each country. The pact also establishes a framework for exploring joint innovation projects and for sharing information on emerging fintech trends.

"The fintech ecosystems in Singapore and Egypt have their unique set of opportunities, and this agreement signifies MAS' and CBE's commitment to accelerate the growth of fintech through collaboration and knowledge-sharing," MAS chief fintech officer Sopnendu Mohanty said in a statement on Wednesday (Feb 14).

"We believe that this will create more opportunities for FinTech firms between our countries," he said.