The Union Cabinet chaired by Prime Minister Narendra Modi on 24th October 2018, has approved the Memorandum of Understanding (MoU) signed between India and Singapore in June 2018 on the constitution of a Joint Working Group (JWG) on FinTech.
The Joint Working Group has been constituted for cooperation in the area of finance technology between India & Singapore.
The collaboration will benefit both the nations and push them to excel in the fields of Development of Application Programming Interfaces (APIs), Regulatory Sandbox, Security in payment and digital cash flow, integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, AADHAR Stack and e-KYC in ASEAN region.
Under the MoU, both countries will enable the exchange of best practices, promote experience sharing on policies and regulations related to finance technology and encourage the creation of standards related to the use of data in a non-discriminatory manner by FinTech firms and entities.
The MoU will also initiate the capacity building of relevant officials in regulatory institutions, including in a world of new threats around cyber-security and financial fraud.