Philippines taps India for fintech partnership

The Philippines and India have taken a step towards strengthening fintech collaboration with the signing of a memorandum of understanding (MoU) between the two countries. The MoU establishes a joint working group on fintech, co-chaired by the Philippines’ Department of Finance and India’s Department of Economic Affairs, Ministry of Finance.

The primary objective of the joint working group is to facilitate discussions between the governments of the Philippines and India, focusing on the exchange of best practices to enhance policies and regulatory frameworks. It also aims to promote cooperation in the development of fintech solutions for the business and financial sectors. One of the key areas of focus is the establishment of international standards by encouraging the creation of an international version of Application Programming Interface (API).

Benjamin Diokno, the finance secretary of the Philippines, expressed enthusiasm about the collaboration, highlighting the respective strengths of both countries. India is recognised as a rising economic powerhouse with expertise in digital technology, while the Philippines boasts a young and tech-savvy talent pool that can contribute to the success of the digital economy. Diokno believes that the possibilities for collaboration between the two economies are limitless.

The signing of the MoU reflects the commitment of the Philippines and India to foster innovation and growth in the fintech sector. By sharing knowledge and expertise, the two countries aim to create a conducive environment for fintech development and strengthen their positions in the global digital economy.