The MOU strengthens the supervisory cooperation and facilitates the exchange of information and mutual assistance for supervisory purposes between the two authorities, reads a joint announcement. “Given the significant presence of Singapore and Hong Kong banks in both jurisdictions, such cooperation enhances the supervision of cross-border operations of banks under the purview of both authorities.”
The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have exchanged a memorandum of understanding (MOU) on banking supervisory cooperation.
According to a Sept 17 announcement, MAS and HKMA have been collaborating on banking supervision “closely over the years”.
