This archive report was first published on 17 July 2019.
On July 17, 2019, the Central Bank of Kenya and the Monetary Authority of Singapore signed an agreement to promote digital infrastructure development in Kenya.
The agreement, signed by CBK Governor Dr. Patrick Njoroge and the Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, aims to establish basic digital infrastructure such as identity and Know-you-customer utility based on shared standards.
Singapore's advanced digital systems, which are more efficient and less costly, make it well-suited to assist Kenya in growing its online structures.
Speaking at the Afro-Asia Fintech Festival, Dr. Patrick Njoroge said, “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.”
Mr. Ravi Menon added, “The Fintech cooperation between Kenya and Singapore will serve as a launchpad for fintech firms and financial institutions in our two countries to collaborate on innovative solutions customized towards enhancing financial inclusion in Africa and Asia.”
The event attracted over a hundred fintech exhibitors from around the world, including 19 Singaporean companies, and several central bank governors from African nations.
The Afro-Asia Fintech event is modeled after the world's largest Fintech Festival held every November in Singapore.
