India and Singapore to form a joint working group on fintech

New Delhi, Oct 25 (KNN) In a move to develop fintech solutions for business and financial sectors, government of India has approved a Memorandum of Understanding (MoU) between India and Singapore.

Under this pact, a joint working group (JWG) on financial technology (fintech)will be constituted that will encourage collaboration of entrepreneurs and startups of both countries and develop fintech solutions for business and financial sectors. 

The decision got the approval during a cabinet meeting chaired by Prime Minister Narendra Modi.

As per the pact, both countries will improve their regulatory connect to exchange best practices by sharing experience on policies and regulations related to fintech, according to statement.

Both the countries will benefit from the MoU signed in the fields of development of Application Programming Interfaces  (APls), Regulatory Sandbox, security in payment and digital cash flow. 

Besides,  the collaboration will also lead integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, Aadhaar Stack and E-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector, statement added. 

Further, partnership will also also encourage cooperation between India and Singapore on digital governance, financial inclusion and partnership in the ASEAN Financial Innovation Network (AFIN) agenda. 

Also, standards will be created for use of data in non discriminatory manner by fintech and related entities and capacity building of relevant officials in regulatory institutions in the wake of new threats around cyber security and financial, it added.