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Cabinet approves Memorandum of Understanding between India and Singapore on setting up of a joint working group on FinTech

Cabinet approves Memorandum of Understanding between India and Singapore on setting up of a joint working group on FinTech

| @indiablooms | 24 Oct 2018, 12:19 pm

New Delhi, Oct 24 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to 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 on FinTech between India and Singapore has been constituted for cooperation in the area of FinTech between the two countries, read a government statement.

Collaboration of India with Singapore will benefit both India and Singapore to excel in the fields of Development of Application Programming Interfaces (APls), 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 and cooperation on regulations, solutions for financial markets and insurance sector and sand box models. 

 

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