The Monetary Authority of Singapore (MAS) and the Department of Economic Affairs (DEA), Government of India have signed a memorandum of understanding (MoU) to bolster fintech ties between the two jurisdictions.

Under the terms of the MoU, both countries will set up a joint working group (JWG) which will be co-chaired by MAS deputy managing director Jacqueline Loh and India’s DFS additional secretary Ravi Mital.

Jacqueline Loh said: “Singapore and India have embarked on a digitalisation journey to harness technology and boost innovation. Both countries have a growing and vibrant FinTech ecosystem.

“The Joint Working Group is a testament of our continued collaboration with India, to learn from each other, undertake joint innovation projects, and progress together.”

Singapore’s domestic payment system operator NETS and India’s organisation for all retail payments National Payments Corporation of India (NPCI) have entered a partnership to establish a cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS).

The cross-border connection will facilitate real-time fund transfer between bank accounts in India and Singapore to support trade, tourism and remittance.

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At present, NETS and NPCI are working on a payment linkage that will enable anyone with a NETS payment card to transact payments at any RuPay merchant in India, and conversely for Rupay card users to make NETS acceptance points in Singapore.

Additionally, NETS and NPCI are exploring the use of the Bharat Interface for Money (BHIM) app to pay at NETS merchants.