Ficci signs Fintech MoU with Singapore; BHIM-UPI QR to go global

Industry body Ficci on Monday signed an agreement with Singapore Fintech Association (SFA) to boost cooperation for development of financial technology industry in India and the southeast Asian country.

Federation of Indian Chambers of Commerce and Industry (Ficci) on Monday signed a memorandum of understanding with SFA as part of the growing Singapore-India fintech eco-systems.

"This is one more instrument to connect the FinTech Eco-Systems of the two countries, as there is already a very strong cooperation. A lot of Singapore fintech companies have counterparts in India," said Indian High Commissioner to Singapore, Jawed Ashraf.

The Trade promotion Council of India (TPCI) will also be signing a pact with Monetary Authority of Singapore (MAS) for working towards access to Business sans Borders (BSB), a meta-platform for connecting cross border trade platforms this week.

The FICCI-SFA MoU is a partnership agreement to share information about fintech and collaborate on mutually beneficial initiatives that will further development of fintech industry in both the countries.

"In recent years, India has been a country that is spearheading many FinTech initiatives and advancements with a global impact.

"On the other hand, Singapore has also been a very good bedrock for FinTechs, with supportive frameworks in place for them to grow and establish themselves in the region," said SFA President Chia Hock Lai.

Singapore and India FinTechs would be able to leverage on such industry-level partnerships, he added.

Ficci will be able to contribute even more and take forward the significant engagement the two countries have in the FinTech sector through the MoU, Ficci Deputy Secretary General Jyoti Vij said.

"With the rapid rise of new age FinTechs in the Indian market and cutting edge work being done in Singapore, which is amongst the most developed markets for FinTechs globally, we hope to learn more from each other in the regulatory domain as well as facilitate new collaborations between Fintechs and Financial Institutions in the two markets," she said.

There is a vast market in India for digital governance, financial inclusion, digitalization of payments, Asraf said.

There is a vast world market Africa and Latin America waiting to be serviced, the fintech firms should take the expertise across, he told delegates after inaugurating India pavilion at the Fourth edition of Singapore Fintech Festival taking place from 11 to 13 November along with Singapore Week of Innovation and Technology.

Thirteen Indian companies are presenting their technologies at the festival, which is the world's largest financial technology platform. It is expected to attract over 50,000 participants from over 130 countries.

A soft launch is scheduled of the acceptance of BHIM-UPI QR based payments in Singapore with a live transaction at a merchant terminal at the festival on Wednesday.

This is the first time that BHIM app will go international. The project is being jointly developed by National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore.

This is a QR based payment system that will allow anyone with a BHIM app to make payments at NETS terminals in Singapore, said the High Commission of India here.