The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) to bolster their cooperation in banking supervision. The agreement aims to facilitate the exchange of information and mutual assistance between the two authorities, enhancing the oversight of banks operating across both jurisdictions.
The MoU marks a significant step in the longstanding collaboration between MAS and HKMA. With both Singapore and Hong Kong hosting a substantial number of banks from each other’s territories, the enhanced cooperation is expected to improve the supervision of cross-border banking operations. This development is crucial given the prominent roles both cities play as international financial centres.
Chia Der Jiun, Managing Director of MAS, highlighted the importance of the MoU, stating, “This MOU reaffirms the strong partnership between MAS and the 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.”
Eddie Yue, Chief Executive of the HKMA, echoed these sentiments, noting that the agreement reinforces the close ties between the two authorities and enhances their ability to manage cross-border banking matters effectively.
The strengthened cooperation is expected to lead to more robust supervision of banks, ensuring stability and resilience in the financial sectors of both Singapore and Hong Kong. This initiative underscores the commitment of both authorities to maintaining high standards of banking oversight in the region.
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