The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) have signed in Singapore a Memorandum of Understanding (MOU) on banking supervisory cooperation, according to a brief statement issued by the MAS on Thursday.

"It allows for supervisory cooperation between MAS and BOT in areas of information sharing and communication during the licensing process and ongoing supervision of banks operating under their respective supervisory responsibility," the statement said.

The MAS works as Singapore's central bank while the BOT regulates Thailand's banking sector on behalf of the country's Finance Minister.

Source: Xinhua