The Philippines Signs Fintech Cooperation Agreement with Singapore

Updated on Wednesday 29th November 2017

The Philippines Signs Fintech Cooperation Agreement with Singapore Image
At the beginning of the year, the Philippines Central Bank (BSP) legalized the use of bitcoin by issuing the first regulations for cryptocurrency stock exchanges and now it is time for the authorities to continue the improvement of this industry which is why a fintech agreement with Singapore was recently signed. Foreign investors who want to set up a business in the financial technology field can be assisted by our Philippines company formation agents.

The new agreement between the Philippines and Singapore promotes cross-border payments

At the middle of November, the representatives of the Philippines Central Bank were present at the Fintech Festival organized by the Monetary Authority of Singapore (MAS) where the negotiations and the signing of the agreement took place.

The recent deal is meant to promote a deep cooperation between the two countries in terms of financial technology, blockchain and cross-border payments through virtual coins. Innovation was another important aspect which was discussed during the meeting of Philippines and Singapore’s representatives.

The BSP and the MAS will also share information on the latest developments in the fintech industry and will develop various joint projects which will enhance the trading relations between the two neighboring countries.

Our company formation specialists in the Philippines can offer more information on the current legislation related to cryptocurrencies.

Fintech – an emerging industry in the Philippines

It is true that compared to Singapore, the Philippines is still in its early years when it comes to startups in the cryptocurrency sector, however the BSP has started creating the legal framework for all companies in the fintech industry to thrive.

The Philippines was one of the first countries to legalize bitcoins which shows the commitment of the authorities in providing a stable environment for the development of companies operating in this field.

Back to the agreement with Singapore, it is not meant to improve cooperation between the two countries, but it is expected to contribute significantly to the development of the ASEAN fintech community.

If you want to start a company in the fintech sector in this country, please feel free to contact our Philippines company registration advisors.