India and Singapore Pen FinTech Cooperation Deal
- The new joint working group was signed on Indian prime minister Narendra Modi's visit to Singapore

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 viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. 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 viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. 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.
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.”
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 viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. 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 viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. 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.
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.”