On Monday, The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM) signed a Memorandum of Understanding (MoU) to strengthen cooperation in promoting FinTech innovation including blockchain technology in the two markets.
Two entities will explore joint innovation projects that will see the application of financial technologies including blockchain, digital and mobile payments and big data. According to the MoU’s terms, it will enable regulatory discussions and an exchange of information and data on FinTech-related trends in order to encourage the development of the sector.
It is believed that this agreement will foster engagements between FinTech startups in Singapore and Indian state Maharashtra. A FinTech-based curriculum developed for educational programs in the Indian state is also being considered.
More than that, in Mumbai, will be established a Centre of Excellence (COE) and a marketplace for Singapore-based FinTech solutions.
The creation of a Centre of Excellence and marketplace for FinTech solutions in Maharashtra could create more opportunities for Singapore-based FinTech firms.
MAS FinTech chief