Union Cabinet approve an MoU between India and Singapore to constitute a Joint Working Group (JWG) on fintech

The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June 2018 on the constitution of a Joint Working Group (JWG) on FinTech. As per the pact, both countries will improve their regulatory connect to exchange best practices by sharing experience on policies and regulations related to fintech. The JWG will encourage collaboration of entrepreneurs and startups of both countries and develop fintech solutions for business/financial sectors. The MoU will benefit both countries to excel in the fields of development of Application Programming Interfaces (APls), Regulatory Sandbox, security in payment and digital cash flow. The collaboration will also lead to integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, Aadhaar Stack and e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector. It will also encourage cooperation between India and Singapore on digital governance, financial inclusion and partnership in the ASEAN Financial Innovation Network (AFIN) agenda.