The Department of Finance (DOF) recently led the inaugural meeting of the joint working group (JWG) on financial technology (fintech) with the Indian government in New Delhi, India.

In a statement, the DOF said the meeting held last September 12 seeks to advance the sector and boost financial inclusion for all Filipinos.

“The long-standing partnership between the Philippines and India speaks of both countries’ shared commitment to broaden and deepen our ties and maximize the vast potential for and opportunities for economic and development cooperation, especially on digital economy, digital payments, digital infrastructure and financial inclusion,” DOF’s International Finance Group OIC assistant secretary Donalyn Minimo said.

The JWG will enhance economic cooperation in fintech, boost connectivity and interoperability and help develop fintech solutions.

During the meeting, the JWG facilitated the discussion on initiatives, best practices and safeguards to enhance the Philippines’ regulatory frameworks and digital infrastructure.

The discussions opened up opportunities for greater innovation in areas such as digital payments, blockchain technology and fintech solutions, which will empower both individuals and businesses.

The Philippine delegation expressed its willingness to continue dialogues and partnerships with the Indian government as it strives to build a robust and inclusive fintech ecosystem that will not only benefit the citizens but also strengthen the economy.

The memorandum of understanding constituting the JWG was signed on June 19, 2023, and gained effectivity on May 7, 2024.

Meanwhile, the Philippine delegation also took the opportunity to strengthen the Philippine government’s commitment to broaden the diplomatic relations between the two countries through a series of bilateral meetings and activities that were held on the sidelines of the first meeting of the JWG on fintech. 

These include engagements with various Indian government institutions and their partner firms such as the Ministry of External Affairs, Export-Import Bank of India and Paytm.