Andhra Pradesh, Singapore's MAS pact for financial services
Posted on:24 Oct 2016 09:54:44
24 October 2016 Current Affairs GK: Andhra Pradesh government has signed an agreement with the Monetary Authority of Singapore (MAS) to promote innovation in financial services in their respective markets.
Under the FinTech Cooperation Agreement, MAS and the state government will explore joint innovation projects on technologies such as digital payments and block-chain, collaborate on development of education programmes and curricula on fintech (financial technologies).
The Singapore's central bank (MAS) and the Andhra Pradesh government have also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services.
This agreement will pave way for greater FinTech collaboration between Singapore and Andhra Pradesh. We are looking to create a market place in India for FinTech solutions developed in Singapore.
The agreement would enable creation of a niche, first-of-its-kind ecosystem in Visakhapatnam that was emerging as the 'FinTech Valley of India'.
The knowledge 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.
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