Singapore and Hong Kong exchanged a memorandum of understanding to enhance cooperation in bank supervision.

Financial regulatory authorities in Singapore and Hong Kong are enhancing cooperation to regulate banks in these two major financial centers. The Monetary Authority of Hong Kong and the Monetary Authority of Singapore jointly announced the exchange of a memorandum of understanding on banking supervision cooperation, which will facilitate information exchange and collaboration on regulatory matters between the two parties. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that Hong Kong and Singapore are the two major international financial centers in the region, and the memorandum will strengthen the close ties between the regulatory authorities in both places. Ravi Menon, Managing Director of the Monetary Authority of Singapore, stated that this will help deepen cooperation between the two parties in key areas of mutual interest.