Current Affairs - International - Discussion

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. As per the pact, both countries will improve their regulatory connect to exchange best practices by sharing experience on policies and regulations related to fintech. The JWG will encourage collaboration of entrepreneurs and startups of both countries and develop fintech solutions for business/financial sectors. The MoU 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.