India and Singapore sign MoU for Joint FinTech Working Group

The Union Cabinet in India approved in October a memorandum of understanding (MoU) between its Department of Economic Affairs and the Monetary Authority of Singapore (MAS) to establish a joint working group to further the development of financial technologies (FinTech.) On October 24, 2018, the Government of India issued a press release announcing its intentions and benefits:

The Joint Working Group on FinTech between India and Singapore has been constituted for cooperation in the area of FinTech between the two countries. Collaboration of India with Singapore will benefit both India and Singapore to excel in the fields of Development of Application Programming Interfaces (APls), Regulatory Sandbox, Security in payment and digital cash flow, integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, AADHAR Stack and e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector and sand box models.

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