The Indian and Singaporean governments announced today that the two countries have established a joint working group (JWG) to strengthen cooperation surrounding FinTech. The Indian Department of Economic Affairs (DEA) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) yesterday that put the JWG into effect.

Today’s announcement comes shortly after Narendra Modi visited Singapore. The Indian prime minister was in the country from the 31st of May to the 2nd of June and oversaw the signing of the MoU along with Singaporean prime minister, Lee Hsien Loong.

The two countries already have a number of agreements in place to advance their respective Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term capabilities. For example, there are efforts to create a cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS).

Department-wide

A swathe of governmental representatives will be working on the new JWG. From the Indian side, workers from, amongst other bodies, the DEA, Ministry of Electronics and Information Technology and Regulatory Development Authority of India will be taking part. On the Singaporean side, workers from the Government Technology Agency, Digital Government Office and Smart Nation will be represented.

Charing of the board will be shared between the two countries too. MAS Deputy Managing Director Jacqueline Loh and the Additional Secretary of the Indian Department of Financial Services, Ravi Mital, will co-chair the JWG.

Commenting on the signing of the MoU, Loh said: “Singapore and India have embarked on a digitalization journey to harness technology and boost innovation. Both countries have a growing and vibrant FinTech ecosystem. The Joint Working Group is a testament of [sic] our continued collaboration with India, to learn from each other, undertake joint innovation projects, and progress together.”