Singapore, Indian State To Collaborate On Fintech Intiatives
Singapore has inked am agreement with India's Government of Maharashtra (GoM) to jointly participate in fintech projects such as blockchain and mobile payments, and will include the establishment of a fintech marketplace.
The Monetary Authority of Singapore (MAS) and the government of India's third-largest state said they would aim to promote fintech activities in both markets as well as drive opportunities for fintech startups in Singapore to set up business links at Mumbai's fintech hub.
The agreement would see both partners jointly develop educational programmes and exchange insights on fintech trends as well as discuss regulatory models to drive innovation in the sector. The two organisations also would identify potential projects that involved key technologies, such as blockchain, big data, and mobile payments.
GoM also would help establish "a marketplace for fintech solutions", which were developed in Singapore, at the centre of excellence in Maharashtra's capital city, Mumbai. Maharashtra also is India's second-most populous state.
MAS's chief fintech officer Sopnendu Mohanty said: "Singapore and India have been longstanding partners on many fronts... The creation of a centre of excellence and marketplace for fintech solutions in Maharashtra could create more opportunities for Singapore-based fintech firms."
MAS last November unveiled a slew of initiatives aimed at driving the development and adoption of new technologies in the financial sector, including a S$27 million (US$19.85 million) investment in artificial intelligence (AI).
According to KPMG, Singapore also banked a record high of US$229.1 million in fintech funding last year, fuelled by two major deals in the fourth quarter and the government's goal to establish the country as a fintech hub.
Harnessing AI To Combat Cyber Risk: Strategies For Financial Institutions
Cyber threats pose an ever-present danger to financial institutions, requiring robust strategies to mitigate risks effec... Read more
Adaptation And Innovation: Revolut's Response To Banking License Delay Through Advertising Sales Push
As Revolut eagerly awaits the acquisition of its banking license, the fintech giant has demonstrated remarkable adaptabi... Read more
Riding The Wave: The Evolution Of Fintech Investment Strategies
The fintech industry has experienced unprecedented growth in recent years, captivating the attention of investors worldw... Read more
How Fintech Is Revolutionizing Traditional Banking
How fintech is revolutionizing traditional banking is a topic that is garnering positive and immense discourse within th... Read more
Blockchain And Its Impact On Fintech Industry
Blockchain and its impact on Fintech Industry has become a hot topic in the current digital era. The amalgamation of blo... Read more
The Rise Of Fintech In The Digital Era
In the heart of the digital revolution, we've observed a term termed as "fintech" creating a substantial and transformat... Read more