Central banks of Singapore, Myanmar to strengthen bilateral cooperation

SINGAPORE — The central banks of Singapore and Myanmar are entering into a Memorandum of Understanding (MOU) to strengthen bilateral cooperation, the two banks announced today (Feb 3).

The MOU was agreed during a meeting today between Singapore Emeritus Senior Minister Goh Chok Tong and Central Bank of Myanmar (CBM) Governor U Kyaw Kyaw Maung in Myanmar’s capital of Naypyidaw.

Under the proposed MOU, the Monetary Authority of Singapore (MAS) and CBM will cooperate on banking supervision and capacity building.

Mr Goh, who is also senior advisor to MAS, said: “As an emerging ASEAN economy, Myanmar is well placed to tap on Singapore’s global financial linkages and expertise to develop its financial markets.

“In tandem with Singapore banks preparing to operate in Myanmar, the MOU underscores Singapore’s close ties with Myanmar and our readiness to deepen

cooperation with Myanmar. This adds to the extensive bilateral cooperation from economic and legal to technical cooperation.”