The Monetary Authority of Singapore (MAS) has secured a fintech cooperation agreement with its North African counterpart the Central Bank of Egypt (CBE).

The deal, which aims to further fintech development between the countries, will help to support fintech businesses in navigating regulatory hurdles within each market, allowing each regulator to refer companies to each other for support and guidance.

Marking MAS’ first fintech pact with a North African state, the agreement also creates a framework to share information on emerging fintech trends and explore potential innovation projects together.

“The fintech ecosystems in Singapore and Egypt have their unique set of opportunities, and this agreement signifies MAS’ and CBE’s commitment to accelerate the growth of fintech through collaboration and knowledge-sharing,” said Sopnendu Mohanty, chief fintech officer, MAS.

Considered one of the most advanced fintech markets in the world, with the city-state ranking number one on 2017 IFZ Global FinTech Rankings, the Singapore deal will offer a considerable boost to Egypt’s emerging financial technology industry.

“The Central Bank of Egypt aims to make 2018 a real starting point for the banking sector in Egypt, through supporting more innovative fintech products and services, with a view to establishing an integrated and encouraging ecosystem for attracting more players in fintech industry in Egypt,” said deputy CBE governor Lobna Helal.

The agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), Egypt’s own payments, fintech, and e-commerce summit.