Philippines signs MoU with India to strengthen fintech cooperation
The Philippines and India have signed a memorandum of understanding (MoU) in a bid to enhance fintech cooperation between the two countries.
The MoU will help establish 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 creation of the joint working group is expected to facilitate inter-governmental discussions on the exchange of best practices to improve policies and regulatory connection and promote cooperation in the development of fintech solutions for the business and financial sectors.
Additionally, it also hopes to develop international standards by “encouraging the creation of an international version of API”.
“On the one hand, India is a rising economic powerhouse, with a forte in digital technology. On the other, the Philippines hosts a young and tech-savvy talent pool that can provide the intellectual capital needed to succeed in the digital economy,” comments Benjamin Diokno, finance secretary of the Philippines.
“Clearly, the possibilities between our two economies are boundless.”