The Philippines is working with India in developing financial technology (fintech) in the country.
The two countries on Monday signed a memorandum of understanding (MOU) for the creation of a joint working group (JWG) to facilitate inter-governmental discussions on the exchange of best practices to improve policies and regulatory connection.
The JWG will also promote cooperation in the development of fintech solutions for business or financial sectors as well as develop international standards by encouraging the creation of an international version of application programming interfaces (API).
“India is a rising economic powerhouse, with a forte in digital technology. The Philippines hosts a young and tech-savvy talent pool that can provide the intellectual capital needed to succeed in the digital economy. Clearly, the possibilities between our two economies are boundless,” said Finance Secretary Benjamin Diokno, who signed the MOU on behalf of the government.
“In India, for the past seven years, we have seen an exponential growth in digital payments. Currently we are at the level of a hundred billion digital payments a year, with the flagship UPI — unified payments interface — itself becoming one of the primary drivers of a cashless, digitalized economy,” said Ambassador of India to the Philippines Shambhu Santha Kumaran, who signed on behalf of the government of India.
The JWG will be co-chaired by Diokno’s Department of Finance and India’s Department of Economic Affairs, Ministry of Finance. – Ruelle Castro
