India’s Department of Economic Affairs (DEA) together with the Monetary Authority of Singapore (MAS) announced that they would be setting up a joint working group that will be co-chaired by Singapore’s Financial Services’ additional Secretary Ravi Mital.
The working group would also be made up of representatives of major stakeholders from both countries, including the following:
- India’s Ministry of Electronics and Information Technology
- Reserve Bank of India
- Stock Exhange of India
- Singapore’s Smart Nation and Digital Government Office
- Enterprise Singapore and
- Ministry of Foreign Affairs
Organizations from both nations have previously partnered to provide fintech services, particularly in the payments sector. Network for Electronic Transfers of Singapore (NETS), a payments services provider together with National Payments Corporation of India (NPCI) established a cross-border payment connection that allows real-time fund transfers between accounts in both countries.