The Union Cabinet has approved Memorandum of Understanding (MoU) between India and Singapore on the constitution of a Joint Working Group (JWG) for cooperation in area of FinTech.

The collaboration will benefit both countries to excel in the fields of Development of Application Programming Interfaces (APls), Regulatory Sandbox, Security in payment and digital cash flow, integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, AADHAR Stack and e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector and sand box models.

Terms of References of JWG:

• Exchange of best practices through promoting experience sharing on policies and regulations in FinTech and encouraging creation of standards in use of data in a non-discriminatory manner by FinTech entities.
• Promote development of FinTech solutions for business/financial sectors;
• Develop international standards to encourage creation of international version of APIs and standards that are inter-operable with APIs created in public systems in India and S’pore.

For more: http://pib.nic.in/newsite/PrintRelease.aspx?relid=184334