NAIROBI, July 16 (Xinhua) -- The Central Bank of Kenya (CBK) and the Monetary Authority of Singapore (MAS) have signed a memorandum of understanding (MOU) on electronic data.
President Uhuru Kenyatta said that under the agreement, both parties will partner to co-develop foundational infrastructure on identity, data and electronic Know-Your Customer procedures (e-KYC).
"This initiative between our two central banks aligns well with the ongoing drive by my government to introduce a 'single source of truth' digital identity," Kenyatta said on Monday evening at the sidelines of the inaugural Afro-Asia FinTech Festival.
The two-day financial technology conference was jointly organized by CBK and MAS and brought together thousands of delegates from Africa and Asia.
Kenyatta said that digital identities and e-KYC are critical prerequisites to enhancing financial inclusion while ensuring financial integrity at both national and cross-border levels.
He noted that Kenya is on course to develop a single unique identifier to allow all persons in Kenya whether citizens or non-citizens to access service more expeditiously and more efficiently.
"It will also be leveraged by the private sector to provide faster and more secure transactions particularly in the financial sector," he observed.