The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June, 2018 on the constitution of a Joint Working Group (JWG) on FinTech. The Joint Working Group on FinTech between India and Singapore has been constituted for cooperation in the area of FinTech between the two countries.

Collaboration of India with Singapore will benefit both India and Singapore 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.

It is expected that it will promote development of FinTech solutions for business/financial sectors and also expected to encourage collaboration of entrepreneurship/ startup talent between Singapore and India in FinTech, consistent with the relevant policies of both countries.