Singapore and India have signed an agreement to collaborate further on fintech. India’s Department of Economic Affairs (DEA) and Singapore’s Monetary Authority of Singapore (MAS) have agreed to set up a joint working group to iron out the details of the agreement.
The group would be co-chaired by the MAS managing director Jacqueline Loh and India Department of Financial Services additional secretary Ravi Mital. The working group would comprise of stakeholders from both countries as well, including India’s Ministry of Electronics and Information Technology, Reserve Bank of India, Stock Exchange of India, and Singapore’s Smart Nation and Digital Government Office, Enterprise Singapore, and Ministry of Foreign Affairs.
The two countries had previously collaborated on cross-border payments through the Network for Electronic Transfers of Singapore (Nets) and National Payments Corporation of India (NPCI). The collaboration allowed for real-time cross-border fund transfers. The organizations were also working to make sure cardholders of either company could make payments at terminals or merchants of either company in both countries. Simultaneously, they were assessing the possibility of India’s national mobile wallet, the Bharat Interface for Money (BHIM) to make payments at Nets Terminals.
Singapore has collaborated with India and Vietnam in an effort to encourage innovation and entrepreneurship in fintech as well as to become a global financial hub. This move has attracted investors, with 2 of the 10 biggest fintech deals in Asia being inked in the country last year.