What has happened?
India and Singapore have signed a memorandum of understanding (MoU) to strengthen co-operation in financial innovation between the two countries.
What does this mean?
Signed by the Department of Economic Affairs (DEA) of India and the Monetary Authority of Singapore (MAS) the MoU establishes a joint working group (JWG).
The JWG will be co-chaired by MAS Deputy Managing Director Jacqueline Loh and India Department of Financial Services (DFS) Additional Secretary Ravi Mital.
The JWG will include representatives from the DEA, the Ministry of Electronics and Information Technology, Union Identification Authority of India, Reserve Bank of India, Stock Exchange Board of India, Insurance Regulatory Development Authority of India, and the Ministry of External Affairs of India. Representatives from Singapore’s agencies will include the Smart Nation and Digital Government Office, Government Technology Agency, Enterprise Singapore and Ministry of Foreign Affairs.
H.E. Jawed Ashraf, High Commissioner of the Republic of India to Singapore, said:
“A digital revolution, anchored on the biometric identity of a billion plus people, is sweeping through India. It has prompted financial inclusion, digital payments and innovation on an extraordinary scale. Singapore, a global financial hub, has emerged as a leading centre for FinTech. Our partnership will not only support our two nations’ progress in FinTech, but also help drive our international competitiveness and success in this area. The JWG on FinTech demonstrates our willingness to seize new opportunities for collaboration."
“Singapore and India have embarked on a digitalisation journey to harness technology and boost innovation. Both countries have a growing and vibrant FinTech ecosystem. The Joint Working Group is a testament of our continued collaboration with India, to learn from each other, undertake joint innovation projects, and progress together.”