Singapore and India team up to develop fintech

Huge emerging market and regional fintech hub formalise partnership through MoU

Singapore and India team up to develop fintech

Insurance News

By Gabriel Olano

The governments of Singapore and India have created a joint working group (JWG) to strengthen the two countries’ cooperation in developing financial technology (fintech).

To mark the partnership, a memorandum of understanding was signed by India’s Department of Economic Affairs (DEA) and the Monetary Authority of Singapore (MAS), reported Connected to India. The JWG will be co-chaired by Ravi Mittal, additional secretary of India’s Department of Financial Services (DFS), and Jacqueline Loh, MAS deputy managing director.

“Singapore and India have embarked on a digitalisation journey to harness technology and boost innovation. Both countries have a growing and vibrant fintech ecosystem,” said Loh. “The joint working group is a testament of our continued collaboration with India, to learn from each other, undertake joint innovation projects, and progress together.”

According to a statement by the MAS, India’s representatives in the JWG will include officials from the DEA, the Ministry of Electronics and Information Technology, the Union Identification Authority of India, the Reserve Bank of India, the Stock Exchange Board of India, the Insurance Regulatory Development Authority of India, and the Ministry of External Affairs of India.

Meanwhile, Singapore’s representatives will come from the Smart Nation and Digital Government Office, the Government Technology Agency, Enterprise Singapore, and the Ministry of Foreign Affairs.

“A digital revolution, anchored on the biometric identity of a billion plus people, is sweeping through India,” said Jawed Ashraf, High Commissioner of India to Singapore. “It has prompted financial inclusion, digital payments, and innovation on an extraordinary scale. Singapore, a global financial hub, has emerged as a leading centre for fintech.

“Our partnership will not only support our two nations’ progress in fintech, but also help drive our international competitiveness and success in this area. The JWG on fintech demonstrates our willingness to seize new opportunities for collaboration.”



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