Singapore and India to Seal FinTech Collaboration

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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.

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