Cabinet approves India-singapore joint working group on Fintech
The cabinet has approved a memorandum of understanding (MOU) between India and Singapore to constitute a joint working group (JWG) on financial technology (Fintech). The MOU was signed in June.
As per the agreement, both countries will improve their regulatory connect to exchange best practices by sharing experience on policies and regulations related to fintech, an official statement said.
The JWG will encourage collaboration of entrepreneurs and startups of both countries and develop fintech solutions for business/financial sectors.
The collaboration will also lead to 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.