Singapore, Brunei ink deals to boost cooperation in FinTech, counter money laundering

Singapore, Brunei ink deals to boost cooperation in FinTech, counter money laundering

Two agreements were signed between Singapore and Brunei on Saturday (May 12), to boost cooperation in Financial Technology (FinTech) as well as to strengthen the exchange of information to combat money laundering and terrorist financing. 

SINGAPORE: Two agreements were signed between Singapore and Brunei on Saturday (May 12), to boost cooperation in Financial Technology (FinTech) as well as to strengthen the exchange of information to combat money laundering and terrorist financing. 

The signing of the agreements was witnessed by Brunei Sultan Hassanal Bolkiah and Singapore President Halimah Yacob, who is on a four-day state visit to Brunei.

Both sides also welcomed the conclusion of a Memorandum of Understanding on Info-Communications Media Cooperation between Singapore and Brunei's ministries of communications, to share expertise on developing the info-communications media industries of both countries, said Singapore's Ministry of Foreign Affairs (MFA) in a press statement. 

"These agreements reflect the growing cooperation between Singapore and Brunei," it added.

Before the signing of the agreements, Mdm Halimah had a bilateral meeting with Sultan Bolkiah when the discussed regional and global developments.

They reaffirmed the "special and longstanding relationship" between Singapore and Brunei, noting that both countries cooperate closely across many sectors.

Mdm Halimah thanked Brunei for allowing the Singapore Armed Forces (SAF) to train in Brunei. Both leaders also reaffirmed the importance of the Currency Interchangeability Agreement.

"The Currency Interchangeability Agreement has been in place for almost 51 years and has helped to facilitate trade, investment, and tourism between our two countries. More importantly, the agreement reflects the deep mutual trust and confidence," said Mdm Halimah later at a state banquet hosted in her honour.

Brunei Sultan and Halimah Yacob
President Halimah Yacob was hosted to a state banquet in Brunei. 

Sultan Bolkiah, on his part, said his country is happy to welcome the SAF, and that Brunei fully supports Singapore in its role as ASEAN chair.

"This is a reflection of the close and longstanding relationship that has existed for more than 50 years between our two countries. I’m confident your visit will bring our people much closer together and deepen our relations further," he said.

Earlier in the day, Mdm Halimah attended a welcome ceremony at the Istana Nurul Iman where she was given a 21-gun salute.

Brunei Sultan and Halimah Yacob (1)
A welcome ceremony was held for President Halimah at the Istana Nurul Iman in Brunei. 

Source: CNA/gs

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