THE BANGKO SENTRAL ng Pilipinas (BSP) has inked a deal with Bank of Mauritius (BOM) for possible cooperation on the development of payment systems, cybersecurity, and sustainable central banking.
The central banks signed a memorandum of understanding on March 1, the BSP said in a statement on Thursday.
“The Memorandum of Understanding presents an opportunity to work with our central bank partners on initiatives that support banking and payment system development and digitalization. These are the key elements in the Philippines’ drive towards sustainable and resilient economic recovery,” BSP Governor Benjamin E. Diokno was quoted as saying.
Through the agreement, the two central banks may establish an arrangement for the exchange of information, capacity building, and collaboration in key areas.
“The cooperative ties with the BSP will certainly be mutually beneficial, especially from a supervisory perspective. This latest Memorandum of Understanding underlines the Bank of Mauritius’ focus on consolidating its capabilities and processes through closer interaction with overseas regulatory institutions, especially in the Asian region,” BOM Governor Harvesh Kumar Seegolam was quoted as saying. — LWTN