Andhra Pradesh government today signed an agreement with the Monetary Authority of Singapore (MAS) to promote innovation in financial services in their respective markets.
Under the FinTech Cooperation Agreement, MAS and the state government will explore joint innovation projects on technologies such as digital payments and block-chain, collaborate on development of education programmes and curricula on fintech (financial technologies), an official release said.
The Singapore's central bank (MAS) and the Andhra Pradesh government have also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services.
The agreement was signed in the presence of Chief Minister N Chandrababu Naidu at his residence in Undavalli.
MAS Chief FinTech Officer, Sopnendu Mohanty and Information Technology Adviser to Chief Minister J A Chowdary were also present on the occasion.
"This agreement will pave way for greater FinTech collaboration between Singapore and Andhra Pradesh. We are looking to create a market place in India for FinTech solutions developed in Singapore," Mohanty said.
Chowdary said, the agreement would enable creation of a niche, first-of-its-kind ecosystem in Visakhapatnam that was emerging as the 'FinTech Valley of India'.
"The knowledge exchange between the startups in Singapore and Visakhapatnam will not only create high-quality job opportunities in FinTech but also help provide market access for implementation in both countries," he added.
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