Members of the bank consortium include countries from North, Central and South America, the Caribbean and Spain.

A consortium of banks in the Americas has signed a memorandum of understanding with the Monetary Authority of Singapore to bolster financial technologies.

The MoU will provide a fintech partnership between Singapore and Association of Supervisors of Banks of the Americas (ASBA) member countries, the MAS said in a statement last week.

Under the framework, both parties will explore joint technology projects on such as blockchain and big data. MAS and ASBA will also have discussions on issues of mutual interest, such as emerging fintech trends.

Members of the ASBA include countries from North, Central and South America, the Caribbean and Spain.

Mr Sopnendu Mohanty, chief fintech officer, MAS, said: “Fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MoU embodies MAS’ and ASBA’s resolve in accelerating the growth of fintech in the respective regions, through increased collaboration and exchanges between our respective fintech ecosystems”.

This is not the first partnership about fintech that MAS has had in the past few weeks. Our sister publication WealthBriefing Asia reported in May 2017 that Singapore’s central bank and regulator had signed a memorandum of cooperation with the International Finance Corporation to collaborate on establishing and developing the ASEAN Financial Innvovation Network.