Cabi­net ap­proves In­dia-sin­ga­pore joint work­ing group on Fin­tech

Governance Now - - MOVEMENT -

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.

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