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Singapore Inks FinTech, Blockchain Pact with the Government of the Indian State

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The Monetary Authority of Singapore, the country's central bank, has entered into an agreement with the Government of the Indian state of Maharashtra to jointly explore FinTech initiatives in areas such as technology blockchain.

Signed Monday in India, the new cooperation pact provides for a memorandum of understanding between the two government entities to explore joint innovation projects that will see the application of financial technologies such as blockchain , digital and mobile payments and big data. The terms of the Memorandum of Understanding will also allow the exchange of information and data on financial technology trends as well as regulatory discussions to encourage the development of the sector.

Singapore is often regarded as one of the world's leading financial technology hubs for a country known for its technology-driven program. MAS is one of the first central banks to invest in the research and development of its own cryptocurrency. His continuous effort to place a symbolized form of the Singapore Dollar on a distributed platform, called "Ubin Project", saw the central bank issue a digital Singapore dollar on an Ethereum blockchain in mid-2017.

Today's agreement will also foster commitments between FinTech startups in Singapore and Maharashtra, which views Mumbai as its national capital. An educational program focused on financial technologies and developed for educational programs in the Indian state is also envisaged.

Mumbai will also host a Center of Excellence (COE) and a market for FinTech solutions based in Singapore, directly facilitated by the Government of Maharashtra State.

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Sopnendu Mohanty, MAS FinTech's chief, said:

"The creation of a center of excellence and a market for FinTech solutions in Maharashtra could create more opportunities for Singapore-based FinTech companies."

With the new agreement, the Singapore central bank has now established a partnership with its second Indian government after establishing links with Andhra Pradesh, a southern state of India, late 2016. Andhra Pradesh, known for its own technological position, is also working on cross-border payments of a blockchain in Singapore with the central bank of the latter. Andhra Pradesh is also among some global governments participating in the Enterprise Ethereum Alliance (EEA) with over 150 members, the largest blockchain consortium in the world.

Image from Shutterstock.

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