Monetary Authority of Singapore and Autoriti Monetari Brunei Darussalam signed a Memorandum of Understanding on Bilateral Cooperation.

23.04.2014

According to the Memorandum, authorities of Singapore and Brunei will be cooperating on capital market development and capacity building. The exchange of best practices in the spheres of monetary management and operations, banking supervision and payments will also took place.. The Memorandum is based on the Currency Interchangeability Agreement between Brunei Darussalam and Singapore.иметь место обмен опытом в области денежного и кредитного регулирования, банковского контроля, денежных платежей и расчетов.

Memorandum laid a firm foundation to further deepen financial ties between our two countries, as said MAS Managing Director, Mr. Ravi Menon. The cooperation is expected to result into mutual development of the financial services industry in both countries.

Source: http://www.mas.gov.sg/news-and-publications/press-releases/2014/mas-and-ambd-sign-an-mou-on-bilateral-cooperation.aspx

Expert’s opinion

The broadening of the agreement net is a substantial step towards development in any jurisdiction. Singapore, today being Hong Kong’s competitor on the Asian market of financial services, does not waste an opportunity to grow its network of agreements. Singapore seeks to attract big investments from rich oil country by concluding agreement with Brunei.

Alexandra Mihno ( Lawyer, Honest&Bright)