The MoU was signed between the Department of Economic Affairs (DEA) of India and the Monetary Authority of Singapore (MAS).
The JWG will be co-chaired by MAS deputy managing director Jacqueline Loh and India Department of Financial Services (DFS) additional secretary Ravi Mital.
Previous partnerships and agreements between the two countries have also focused on fintech innovation. For example, NETS, Singapore’s payment system operator, partnered with National Payments Corporation of India (NPCI), to establish a cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS).
This partnership is aimed to boost trade, tourist and remittances through real-time fund transfer between bank accounts in the respective countries.
At the moment, NETS and NPCI are working to allow NETS payment cards payments at RuPay merchants in India, as well as RuPay card payments at NETS payment points.
The MoU was signed a visit by India’s prime minister Narendra Modi to Singapore in June 2018, and was witnessed by both himself and his Singaporean homologous Lee Hsien Loong.
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