Singapore central bank signs blockchain and other financial technology cooperation agreement with Indian state government

The Monetary Authority of Singapore (the country’s central bank) has signed an agreement with the government of the Indian state of Maharashtra (capital of Mumbai) to collaborate on exploring fintech innovation projects, including blockchain technology.

On Monday, the two sides signed a memorandum of understanding in India to jointly explore innovative projects that will include financial technology applications such as blockchain, digital mobile payments and big data. Under the memorandum of understanding, the two sides can exchange information and data related to fintech, as well as relevant regulatory content to encourage the development of the industry.

Singapore is one of the world’s leading fintech hubs and is well known for its tech-forward agenda. The Monetary Authority of Singapore was one of the first central banks to venture into research and development of cryptocurrencies. It is looking into tokenizing the Singapore dollar on a distributed ledger platform, under the name “Ubin.”

The newly signed agreement will also promote collaboration between fintech startups in Singapore and Maharashtra, India. The Maharashtra government is also considering opening fintech-based educational courses. The capital Mumbai will also host a center of excellence (COE) directly driven by the local government and a marketplace for Singaporean fintech solutions.

Sopnendu Mohanty, Chief Executive Officer of Fintech at MAS, said:

“The establishment of the Centre of Excellence and the FinTech Solutions Marketplace will create more development opportunities for fintech companies in Singapore.”

The signing of this new agreement is the second collaboration between the MAS and the Indian state government, following the establishment of a partnership with the southern Indian state of Andhra Pradesh in late 2016. The Indian state of Andhra Pradesh, known for its emphasis on cutting-edge technology, previously partnered with the MAS through a blockchain cross-border payment system and joined the Enterprise Ethereum Alliance (EEA), which has more than 150 members, along with some of the government.