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Kenya And Singapore Pen Deal to Improve Banking Digital Infrastructure

Peter Musila 2 years ago

The Central Bank of Kenya and Central Bank of Singapore have penned a deal to promote digital infrastructure development in the country during the Afro-AsiaFintech.

Kenya will establish identity and Know-you-customer utility based on shared standards, thanks to the new agreement signed by CBK Governor Dr. Patrick Njoroge and the managing director at Monetary Authority of Singapore Mr. Ravi Menon.

Singapore’s digital systems have been ranking best and proven effective and less costly, and hence, the best suit for Kenya in growing its online structures.

“We have gathered in Nairobi to celebrate the newest bridge for financial innovation…. fintech offers a great opportunity for transforming many lives in Africa and Asia and the rest of the world.” Said Dr. Patrick Njoroge.

“The Fintech cooperation between Kenya and Singapore will serve as a launchpad for fintech firms and financial institution in our two countries to collaborate on innovative solutions customized towards enhancing financial inclusion in Africa and Asia.” Said Singapore’s Central Bank MD Mr. Ravi Menon.

The just-concluded Afro-AsiaFintech brought together hundreds of fintech exhibitors and 19 companies from Singapore. Other Governors in attendance included the governor of Burundi National Bank, governor of Egypt’s Central Bank, governor of the Bank of Mauritius, Nigeria’s Central Bank governor, governor of the National Bank of Rwanda, and governor of the Bank of Tanzania.

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