Singapore and the Government of Andhra Pradesh have signed a financial technology cooperation arrangement. Will the arrangement lead to job opportunities and market access?
The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP) have signed a «Fintech Cooperation Agreement» to promote innovation in financial services in their respective markets.
Under the new agreement, MAS and GoAP will explore joint innovation projects on technologies such as digital payments and blockchain, and collaborate on the development of education programmes and curricula on fintech.
MAS and GoAP also agreed to discuss emerging fintech trends and exchange views on regulatory issues related to innovations in financial services.
Biometrics and Artificial Intelligence
Earlier this year Singapore’s largest bank DBS unveiled «digibank» India’s first mobile-only bank. The offering is a completely paperless, signature-less and branch-less bank that utilizes several technological firsts for that market from biometrics to artificial intelligence (AI).
The Andhra Pradesh side believes the knowledge exchange between the startups in Singapore and Visakhapatnam will create high quality job opportunities in financial technology and also help provide market access for implementation in both countries.
