Maharashtra, 26 February 2018…The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM)¹ signed a Memorandum of Understanding (MoU) on 18 February 2018 to strengthen cooperation in promoting FinTech innovation in the two markets. The MoU was signed at a ceremony at the Magnetic Maharashtra event in India.

2. The agreement provides opportunities for FinTech start-ups in Singapore to set-up and build business relationships with FinTech companies at the Mumbai FinTech hub. As part of the agreement, the Government of Maharashtra and MAS will co-develop educational programmes on FinTech and explore potential joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain, and big data. The Government of Maharashtra will also facilitate the creation of a marketplace for FinTech solutions developed in Singapore and at the Centre of Excellence (COE) in Mumbai.

3. Under the MoU, the Government of Maharashtra and MAS have agreed to exchange information relating to FinTech trends and discuss regulatory approaches to encourage innovation in the financial sector.

4. “Such MoUs are strategic steps towards achieving the vision of FinTech innovation in Maharashtra state – of making the state a leading centre of innovation in FinTech ecosystem. MAS's cooperation is a great example of friendship between our great nations and shall go a long way to build further milestones." added Mr. S.V.R. Srinivas, Principal Secretary, Information Technology, Government of Maharashtra.

5. “Singapore and India have been longstanding partners on many fronts. This agreement paves the way for greater FinTech collaboration between Singapore and Maharashtra. The creation of a Centre of Excellence and marketplace for FinTech solutions in Maharashtra could create more opportunities for Singapore-based FinTech firms.” said Mr. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore.

 ¹Maharashtra is India’s second-most populous state and third-largest state by area. Mumbai is the capital city of Maharashtra.

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About the Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.


About the Government of Maharashtra

With excellent IT Infrastructure and skilful human resources, Maharashtra has emerged as a leader in utilizing its IT skills for better governance. Maharashtra is one of the “Leader” states in e-Readiness ranking in India. When it comes to using of new technological systems in both URBAN and RURAL areas, Maharashtra has fared better than many other States in the country, in making the best aspects of modern technology available to its rural population.