India and Singapore have formed a Joint Working Group (JWG) to strengthen cooperation in fintech services. In this connection, a Memorandum of Understanding (MoU) was signed between India’s Department of Economic Affairs (DEA) and Monetary Authority of Singapore (MAS) recently.
The Joint Working Group will be co-chaired by Jacqueline Loh, Deputy Managing Director of MAS and Ravi Mittal, Additional Secretary of India’s Department of Financial Services (DFS).
“The JWG will include representatives from DEA, Ministry of Electronics and Information Technology, Union Identification Authority of India, Reserve Bank of India, Stock Exchange Board of India, Insurance Regulatory Development Authority of India, and the Ministry of External Affairs of India. Representatives from Singapore’s agencies will include the Smart Nation and Digital Government Office, Government Technology Agency, Enterprise Singapore and Ministry of Foreign Affairs,” said a release issued by MAS.
HE Jawed Ashraf, High Commissioner of India to Singapore, said, “A digital revolution, anchored on the biometric identity of a billion plus people, is sweeping through India. 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,” said Ashraf.
Jacqueline Loh, Deputy Managing Director, MAS, said, “Singapore and India have embarked on a digitalisation journey to harness technology and boost innovation. Both countries have a growing and vibrant FinTech ecosystem.”
“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,” she said.
Indian Prime Minister Narendra Modi launched the three Indian digital payment apps at the ‘Business, Innovation and Community Event’ during his recent visit to Singapore with an aim to internationalise the country’s digital payment platform. These include the international debut of Bharat Interface for Money (BHIM) and RuPay in Singapore as well as the State Bank of India's online international Rupee remittance app.
The launch marks the collaboration of National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore in launching a cross-border digital payment system between the two nations. The cross-border linkage will facilitate real-time fund transfer between bank accounts in India and Singapore to support trade, tourism and remittance.
With this launch, RuPay users will be able to make payments at all of NETS acceptance points across Singapore. Similarly, holders of Singapore NETS will be able to make online purchase at any National Payment Corporation of India (NPCI) e-commerce merchant website in India, using 2.8 million RuPay point of sale terminals in India.
MAS has also inked an agreement with the Indian State of Maharashtra to jointly participate in fintech projects such as blockchain and mobile payments, as well as establish a fintech marketplace. The partnership would include jointly developed educational programmes and discussions on regulatory models to drive innovation in the sector.