The Monetary Authority of Singapore (MAS) has signed another cooperation agreement to help propel mutual interests in Fintech development. MAS has signed an agreement to cooperate with the government of Andhra Pradesh (GoAP), a state in India. Andhra Pradesh is one of 29 states and has a population of over 49 million inhabitants. The “Fintech Cooperation Agreement” between MAS and GoAP will jointly explore technologies such as digital payments and blockchain while collaborating on educational programs. The two governmental entities will also exchange views on regulatory issues surrounding innovations in the financial industry.
Sopnendu Mohanty, Chief FinTech Officer of MAS, described the arrangment as creating a marketplace in India for Fintech services developed in Singapore. Fintech startups launched in Singapore may use the relationship to expand into India.
JA Chowdary, Special Chief Secretary and IT Advisor to the Andhra Pradesh Chief Minister, GoAP, stated;
“This agreement between MAS and GOAP will spearhead the creation of a niche, first of its kind ecosystem in the FinTech Valley of India – Visakhapatnam. The knowledge exchange between the startups 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. We see this association as the first step towards creation of the FinTech story of the country.”