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Singapore, Indian state to collaborate on fintech intiatives

Monetary Authority of Singapore has inked an agreement with India's third-largest state of Maharashtra to jointly develop fintech projects such as blockchain as well as set up a fintech marketplace in Mumbai.

Singapore has inked an 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.

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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.