Singapore, Myanmar sign MOU on banking supervision, capacity building

SINGAPORE'S and Myanmar's central banks will cooperate in banking supervision and capacity building, said the Ministry of Trade and Industry (MTI) on Monday, after the two countries signed a memorandum of understanding (MOU) in Yangon, Myanmar.

At the 5th Singapore-Myanmar Joint Ministerial Working Committee (JMWC) meeting on July 6, both sides - the Central Bank of Myanmar and the Monetary Authority of Singapore - exchanged views on developing an inter-bank funding market, and discussed ways to deepen technical cooperation in banking and capital markets supervision.

Apart from the area of finance, Singapore and Myanmar also agreed on cooperation for the legal sector. Both countries will jointly organise legal workshops, seminars, as well as attachments to share best practices, and enhance understanding of the legal frameworks of both countries.

According to MTI, the JMWC meeting affirmed the growing bilateral economic ties between both countries, and discussed ways to deepen cooperation in several other areas such as urban solutions, transport and logistics, agri-trade, expansion of air connectivity, and development of small and medium-sized enterprises.

Said MTI Minister Lim Hng Kiang: "The JMWC is a useful platform to further our engagements with Myanmar. The initial three pillars identified for the JMWC - trade and investment, finance and legal - are areas of substantial cooperation and have the potential to be further expanded. There had been good discussions today and we look forward to carry on our conversations with Myanmar to develop the ideas further and bring these plans to fruition."