Under the chairmanship of Prime Minister Narendra Modi, the Union Cabinet has approved the MoU signed in June 2018 for the formation of the Joint Working Group (JWG) between India and Singapore in June 2018, with prior approval.
Between India and Singapore, Joint Working Group on FINTEC has been constituted for cooperation between the two countries in the field of FINTECH.
In collaboration between India and Singapore, the two countries will benefit in the following areas:
Application Programming Interfaces-APls
Payment in security and digital cash flow
Consolidation of Network for Electronic Transfers – NETS for Electronic Transfers
UPI Fast Payment Link (UPI-FAST payment link)
Support Stack and E-KYC and Rules in the ASEAN Region
Excellence in financial markets and development of insurance sector and sandbox models, etc.
Its area and work limits:
Exchange of best practice: To improve regulatory contact with the exchange of best practices.
Promoting exchanges of finitec-related policies and regulatory experiences.
Encourage the preparation of standards related to the use of phenitech forms and assets without any discrimination data.
Initiating the work of capacity building to the appropriate officers in regulatory institutions, including cyber security, financial fraud and new threats created in the world.
Promotion of cooperation: To promote collaboration between the financial-technology industry in India and Singapore.
Promoting cooperation among forms in the Finitech region.
Promoting the development of Finitech solutions for the business / financial sector.
In line with the appropriate policies of the two countries, encourage the cooperation of entrepreneurship / start-up talent between Singapore and India in Finitech.
Development of International Standards:
To encourage the formation of the International Version of Application Programming Interfaces (APIs) and Standards, which is interoperable with APIs prepared in public systems in India and Singapore.
Enable residents using digital identity for cross verification and electronic no-ur-customer (e-KYC).
Enabling payment contact support between integrated payment interfaces and faster secure transfer digital fund transfer forums.
Enabling Cross Learning on Rupe Credit / David Cards through Contact Between Payment Networks, such as National Payments Corporation of India-NPCI and Network for Electronic Transfers-NETS.
Enabling the use of digital signature through e-signature, Across Borders
Promotion of cooperation between India and Singapore in the following areas:
Participation in ASEAN Financial Innovation Network (AFIN) agenda
Why in the discussion?
Recently, the first high-level meeting was held on bilateral security cooperation between India and China. During this meeting, the two countries also signed the Security Cooperation Agreement.
Representation of China in this high level meeting was held by State Councilor and Public Safety Minister Mr. Zhao Kazi and India’s representation to Union Home Minister Rajnath Singh.
During the first high level meeting on bilateral security cooperation, various issues of mutual interest were discussed.
These issues also include bilateral cooperation to counter terrorism.
Signing of Security Agreement
There was an agreement on security cooperation between India’s Ministry of Home Affairs and China’s Public Security Ministry. It is notable that this is the first agreement on security cooperation between the two countries.
Benefit from agreement
With this agreement, discussions related to dealing with the problem of terrorism and organized crimes will increase further.
Similarly, this agreement will also increase cooperation with drug interventions and other relevant areas as well as mutual discussions.