India and Singapore sign fintech cooperation agreement

Announcements | October 26, 2016 By:

The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP), an Indian state, have announced a partnership that will aim to promote fintech innovation with a focus on blockchain and digital payments.

According to the official release, both the parties will explore joint innovation projects on technologies like blockchain and digital payments. The agreement will help MAS and GoAP to collaborate on the development of education programs on fintech.

“From MAS’ perspective, we are looking to create a marketplace in India for fintech solutions developed in Singapore. This can potentially help Singapore fintech startups that are looking to venture into India,” said, MAS chief fintech officer Sopnendu Mohanty.

The partners also agreed to discuss emerging financial technology trends and exchange views on regulatory issues that are related to innovations in financial services.