Edition #30 - India & Philippines sign MoU on fintech cooperation
#India and the #Philippines have recently solidified their commitment to enhancing #financial #technology (#fintech) collaboration through the signing of a memorandum of understanding (MoU). The agreement was formalized by the Ambassador of India, Shambhu Kumaran, and Benjamin E Diokno, representing the Philippines Department of Finance.
The MoU establishes a Joint Working Group (JWG), which will be co-chaired by the #Finance Ministries of both countries. The JWG comprises esteemed representatives from the Foreign and IT Ministries, #centralbanks, financial sector regulatory institutions, and other relevant agencies.
The primary objective of the JWG is to identify tangible measures for collaboration in various areas, including innovative technologies, the fintech industry, digital governance, #payment linkages, the creation of interoperable APIs, #financialinclusion, and related domains. A press release from the Indian Embassy in Manila highlights the comprehensive scope of this partnership.
During a telephonic conversation last year, #PrimeMinister #NarendraModi and Philippines President Ferdinand R Marcos Jr recognized the significance of fostering a digital economy partnership, with a specific emphasis on the financial sector. The recently signed MoU serves as a pivotal instrument for establishing an institutional framework to facilitate cooperation in three crucial areas: digitization of payments, leveraging national identification for direct benefit transfers and promoting financial inclusion.
This strategic alliance between India and the Philippines paves the way for valuable collaboration in the realm of financial technology, fostering innovation and enabling progress in the digital era.
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