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Singapore, Brunei sign deals to boost fintech, money-laundering cooperation

Singapore and Brunei have signed agreements to foster financial technology innovation and tighten money-laundering and terrorist-financing strategies, Singapore's Ministry of Foreign Affairs said May 12.

The countries signed a memorandum of understanding to "prevent the flow of funds to criminal activities."

The Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam also signed an agreement to share information on emerging fintech trends, strengthen their retail payment ecosystems and promote joint innovation projects in Singapore and Brunei.

The agreements were signed during Singapore President Halimah Yacob's four-day state visit to Brunei.