The Monetary Authority of Singapore (MAS) has announced that it has teamed up with the Central Bank of Kenya (CBK), signing a FinTech Cooperation Agreement to support digital infrastructure development in Kenya. The partnership aims to develop basic digital infrastructure services for Kenya, including identity, data and Know-Your-Customer utility, based on a set of common standards. The cooperation was sealed at the inaugural Afro-Asia FinTech Festival in Nairobi, Kenya, which drew close to 2,000 participants from all over the world.
The agreement was signed by Dr Patrick Njoroge, Governor of CBK, and Mr Ravi Menon, Managing Director of MAS, on the sidelines of the Festival. The signing was witnessed by Mr Uhuru Kenyatta, the President of Kenya and Mr Tharman Shanmugaratnam, Senior Minister and Chairman of MAS.
Dr Patrick Njoroge, Governor, CBK, commented:
We have gathered in Nairobi to celebrate the newest bridge for financial innovation, bringing together more than three-quarters of the world’s population. The motivation is the conviction that FinTech offers a great opportunity for transforming many lives, in Africa and Asia, and the rest of the world. We can only imagine what the consequence of this Afro-Asia FinTech Festival will be over the next 50 years. Through this Festival, and in the amount of talent that has been brought together, collaboration offers the best chance for creating an effective ecosystem for financial innovation.
Mr Ravi Menon, Managing Director, MAS, said:
The two central banks started with a simple but ambitious vision: to bring together the innovative energies of Africa and Asia to solve basic gaps in the financial system and improve the lives of our people through technology. Today, we have taken a major step towards our vision. The FinTech cooperation between Kenya and Singapore will serve as a launch pad for FinTech firms and financial institutions in our two countries to collaborate on innovative solutions customised towards enhancing financial inclusion in Africa and Asia.