Singapore, Andhra agree to promote innovation in financial services

The Monetary Authority of Singapore (MAS) and the Andhra Pradesh government on Saturday signed an agreement to promote innovation in financial services.

The FinTech Cooperation Agreement was signed here in the presence of Chief Minister N. Chandrababu Naidu.

Under the agreement, MAS and the state government will explore joint innovation projects on technologies such as digital payments and blockchain and collaborate on the development of education programmes on FinTech.

They also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services.

"This agreement will pave the way for greater FinTech collaboration between Singapore and Andhra Pradesh. From MAS' perspective, we are looking to create a market place in India for FinTech solutions developed in Singapore. This can potentially help Singapore FinTech startups that are looking to venture into India," said Sopnendu Mohanty, Chief FinTech Officer, MAS.

"This agreement will spearhead the creation of a niche, first of its kind ecosystem in the FinTech Valley of India - Visakhapatnam. 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," said J.A. Chowdary, Special Chief Secretary and IT Advisor to the Andhra Pradesh Chief Minister.

"We see this association as the first step towards creation of the FinTech story of the country," he added.

--IANS

ms/ksk/dg