Singapore Cooperated with Indian State Government to Explore FinTech

The central bank of Singapore cooperated with the government of the Indian state of Maharashtra to jointly explore FinTech initiatives in areas including blockchain technology
26 February 2018   144

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.

Sopnendu Mohanty

MAS FinTech chief

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.