The Philippines and India have signed a memorandum of understanding (MoU) to strengthen fintech cooperation between the two countries. The MoU aims to establish a joint working group on fintech, promote policy and regulatory exchange, and encourage the development of fintech solutions.
Facts
- The Philippines and India have signed a memorandum of understanding (MoU) to enhance fintech cooperation.
- 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 joint working group will facilitate inter-governmental discussions on best practices, policies, and regulatory connections in fintech.
- The cooperation also aims to develop international standards, including the creation of an international version of API.
- Benjamin Diokno, the finance secretary of the Philippines, emphasizes the potential for collaboration between India’s digital technology expertise and the Philippines’ young and tech-savvy talent pool.
- The agreement seeks to unlock boundless opportunities for the two economies in the digital economy.
