India taps Philippines for FinTech alliance

The governments of the Philippines and India have taken a step towards strengthening their cooperation in the field of financial technology by signing a memorandum of understanding (MoU). The MoU establishes a joint working group on fintech, which will be co-chaired by the Philippines’ Department of Finance (DOF) and India’s Department of Economic Affairs (DEA) under the Ministry of Finance.

The joint working group’s main objective is to facilitate discussions between the two governments on best practices, policies, and regulations related to fintech. It aims to promote collaboration in the development of fintech solutions for the business and financial sectors. The group will also work towards the creation of international standards, including the development of an international version of Application Programming Interfaces (APIs).

Benjamin Diokno, the finance secretary of the Philippines, highlighted the potential for collaboration between the two economies. He mentioned that India’s strength in digital technology, combined with the Philippines’ young and tech-savvy talent pool, creates limitless possibilities for cooperation in the digital economy.

India’s Ambassador to the Philippines, Shambhu Santha Kumaran, noted the significant growth of digital payments in India and the country’s aim to transition to a cashless, digitalised economy. He stressed the role of India’s unified payments interface (UPI) in driving this transformation.

The joint working group will consist of representatives from various government agencies in both countries, including finance, economics, technology, and regulatory authorities. The co-chairs will be responsible for coordinating and leading the group’s activities, and the ambassadors of both countries will serve as points of contact and participate in the working group’s meetings.

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