China's central bank has partnered with its Thai counterpart over fintech development.

Yi Gang, governor of the People's Bank of China (PBOC), signed an agreement with his Thai counterpart Sunday on the sidelines of a G20 financial leaders' meeting in Japan, the PBOC said on its website.

The agreement aims to enhance partnership in innovation, joint research, information sharing and regulation in the field of fintech.

The two parties are willing to nurture an ecosystem conducive to fintech development in a bid to support innovation and technological advancement, reduce costs and improve financial product and service efficiency, according to the PBOC.