Close this search box.

We are creating some awesome events for you. Kindly bear with us.

India inks MoU on FinTech with Singapore

The Union Cabinet, that is chaired by Prime Minister Narendra Modi, has approved a Memorandum of Understanding (MoU) between India and Singapore on the constitution of a fintech Joint Working Group (JWG).

The approval is ex-post facto that means the MoU was signed earlier, which was in June. The MoU will strengthen ties and encourage cooperation between the countries on digital governance and financial inclusion.

According to a press statement released by the Indian Government, the Joint Working Group has been constituted for cooperation in the area of fintech specifically.

It said the partnership between the nations will benefit both India and Singapore by enabling them to excel in the fields of Development of Application Programming Interfaces (APIs) and security in payment and digital cash flow.

The collaboration will also work to integrate a RuPay network for Electronic Transfers (NET) and develop regulatory sandbox models. A fintech sandbox or an API sandbox is a setting that developers use to test out characteristics displayed by the production environment on a real-time basis to help study responses from all the systems the application effects.

This enables creators to try out financial products or services within a set of well-defined parameters. The sandbox creates a space for the pilot testing of newly developed technologies and limits the consequences of its failure.

Apart from this, the collaboration will cover areas like UPI payment links, Aadhar Stack and e-KYC (Know Your Customer) in the ASEAN region. It will facilitate cooperation regarding regulations and solutions for the financial markets and insurance sector.

The press release said the JWG aims to improve regulatory connect, with a view to exchanging best practices. It intends to promote experience sharing on policies and regulations related to fintech.

It hopes to encourage the creation of standards related to the use of data in a non-discriminatory manner by fintech players. It is expected to initiate the capacity building of relevant officials in regulatory institutions, including dealing with new threats around cyber-security and financial fraud.

The JWG will promote co-operation between fintech firms, the development of fintech solutions for the financial sectors, and will encourage collaboration of entrepreneurship and start-up talent between the two countries.

Additionally, it will encourage the creation of an international version of Application Programming Interfaces (APIs) and standards that are interoperable with the APIs created in public systems in India and Singapore. This will enable cross-border authentication and e-KYC of residents using digital identities.

It will enable payment linkages-cooperation between Unified Payment Interface (UPI) and Fast And Secure Transfer (FAST) digital fund transfer platforms. The Joint Working Group will facilitate cross-learning on RuPay credit and debit cards through connections between National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) payment networks.

The JWG will enable QR (quick response) code-based payment methods and encourage the use of digital signatures such as through e-Sign, across borders.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit