Singapore and India advance in FinTech cooperation

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Published on 2 June 2018
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Singapore and India advance in FinTech cooperation

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The Department of Economic Affairs (DEA), Government of India, and the Monetary Authority of Singapore (MAS) yesterday signed a Memorandum of Understanding (MoU) to strengthen cooperation in financial innovation between Singapore and India, through the establishment of a Joint Working Group (JWG). The JWG will be cochaired by MAS Deputy Managing Director Jacqueline Loh and India Department of Financial Services (DFS) Additional Secretary Ravi Mital.

Singapore and India have already achieved good progress in FinTech co-operation.

NETS 1 and National Payments Corporation of India (NPCI) 2 have entered a partnership to establish a cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS). The cross-border linkage will facilitate real-time fund transfer between bank accounts in India andnSingapore to support trade, tourism and remittance.
NETS and NPCI are working on a payment linkage that will allow anyone holding a NETS payment card to be able to make payments at any RuPay3 merchant in India, and conversely for Rupay card users to make NETS acceptance points in Singapore.
NETS and NPCI are exploring the use of the Bharat Interface for Money (BHIM)4 app to pay at NETS merchants.

The JWG will include representatives from the 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.

Re-disseminated by The Asian Banker