India and Singapore sign fintech cooperation deal


The Monetary Authority of Singapore and the Government of Andhra Pradesh have signed a fintech co-operation agreement to promote innovation in financial services across their respective markets.

Entrepreneurs and early-stage start-ups in Singapore and South India are set to benefit after their regulatory government authorities signed an agreement to explore fintech projects and technologies, and to promote technology innovation.

Monetary Authority of Singapore (MAS) chief fintech officer, Sopnendu Mohanty, said that the agreement between the two governments would help each to fulfil a different agenda. He said: “We are looking to create a market place in India for fintech solutions developed in Singapore.”

“This can potentially help Singapore fintech start-ups that are looking to venture into India.”

Mohanty said that collaborating on new initiatives in the financial technology space was beneficial for the two nations, as emerging issues including financing and regulation continuously called for strong communication between neighbours.

“This agreement will pave the way6 for greater fintech collaboration between Singapore and Andhra Pradesh,” he said.

Government of Andhra Pradesh (GoAP) special chief secretary and IT adviser, JA Chowdaray, said that a partnership with Singapore would help South India to expand its reach across and boost its innovation agenda in its fintech centre – Visakhapatnam .

“The knowledge exchange between the start-ups 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,” he said.

“This agreement between MAS and GoAP will spearhead the creation of a niche, first of its kind ecosystem in fintech.

“We see this association as the first step towards creation of the Fintech story of the country.”