The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP), an Indian state, have signed a Fintech Cooperation Agreement in a move to promote innovation in financial services in their respective markets.
According to the official release, both the parties will explore joint innovation projects on technologies like blockchain and digital payments. The agreement will help MAS and GoAP to collaborate on the development of education programs on fintech.
“This agreement will pave the way for greater FinTech collaboration between Singapore and Andhra Pradesh. From MAS’ perspective, we are looking to create a market place in India for FinTech solutions developed in Singapore. This can potentially help Singapore FinTech startups that are looking to venture into India,” Sopnendu Mohanty, Chief FinTech Officer, MAS said.
The partners also agreed to discuss emerging financial technology trends and exchange views on regulatory issues that are related to innovations in financial services.
“This agreement between MAS and GOAP will spearhead the creation of a niche, first of its kind ecosystem in the FinTech Valley of India - Visakhapatnam. The knowledge exchange between the startups in Singapore and Visakhapatnam will not only create high-quality job opportunities in FinTech but also help provide market access for implementation in both countries. We see this association as the first step towards the creation of the FinTech story of the country,” JA Chowdary, Special Chief Secretary and IT Advisor to the Andhra Pradesh Chief Minister, GoAP, said.
