Joint Agreement Could Improve and Lead To More FinTech-Related Enterprises: A joint agreement by the Indian state of Maharashtra government and Singapore’s main bank – the Monetary Authority of Singapore – will lead to possible FinTech enterprises in various areas such as blockchain technology.
The pact includes a Memorandum of Understanding between the entities to look at mutual innovation projects such as mobile payments, big data and blockchain digital. According to the terms, it would allow them to share information about trends related to the FinTech subject and any regulatory talks to develop the sector even more.
Many people see Singapore as the world’s leading hub in the FinTech industry, as its focus is devoted to technology and advancing technology. The MAS is one of the first central banks to get involved with the creation of a cryptocurrency for itself. In mid-2017, due to its persistence, the bank released a digital Singaporean dollar on the Ethereum blockchain.
The latest pact lets FinTech startups in both Maharashtra and Singapore to work together. The Indian state is currently working on a Fin-Tech-based curriculum for educational programs.
Maharashtra’s state government is assisting in hosting a Centre of Excellence and Singapore-based FinTech solutions marketplace in Mumbai.
Sopnendu Mohanty, FinTech chief at MAS, said this CoE and marketplace would lead to additional prospects for FinTech firms in Singapore.
This is the second agreement with an Indian state government for the MAS. The central bank partnered with Andhra Pradesh in late 2016. The southern Indian state is well-known for moving quickly into the technology sector and has been working on developing cross-border payments over blockchain to the Singapore’s central bank.
The state is one of several worldwide governments involved with the Enterprise Ethereum Alliance, which is noted as the largest blockchain association.