AP govt, Singapore sign MoU on FunTech cooperation

Vijayawada: The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP) signed a FinTech Coope-ration Agreement to promote innovation in financial services in their respective markets here on Saturday. The agreement was signed in the presence of the Chief Minister N. Chandrababu Naidu at his residence. Under the agreement, MAS and GoAP will explore joint innovation projects on technologies such as digital payments and blockchain, and collaborate on the development of education programmes and curricula on FinTech.

MAS and GoAP also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services. Mr Sopnendu Mohanty, chief FinTech officer, MAS, said, “This agreement will pave the way for greater FinTech collaboration between Singapore and Andhra Pradesh. From MAS’ perspective, we are looking to create a market place in India for FinTech solutions developed in Singapore. This can potentially help Singapore FinTech startups that are looking to venture into India.”

Mr J.A. Chowdary, special chief secretary and IT advisor to the Andhra Pradesh Chief Minister, GoAP, said, “This agreement between MAS and GOAP will spearhead the creation of a niche, first of its kind ecosystem in the FinTech Valley of India - Visakhapatnam. The kno-wledge exchange between the startups in Singapore and Visakhapatnam will not only create high-quality job opportunities in FinTech but also help provide market access for implementation in both countries. We see this association as the first step towards the creation of the FinTech story of the country.”