Andhra Pradesh government has signed a FinTech Cooperation agreement with Monetary Authority of Singapore (MAS) to promote innovation financial services in their respective markets.
The agreement was signed in the presence of Chief Minister N Chandrababu Naidu and MAS Chief FinTech Officer, Sopnendu Mohanty.
Under the agreement
- MAS and Andhra Pradesh government will explore joint innovation projects on technologies such as digital payments and blockchain.
- They will also collaborate on the development of education programmes and curricula on fintech (financial technologies).
- They also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services.
- Both signatory parties would enable creation of a niche, first-of-its-kind ecosystem in Visakhapatnam that was emerging as the ‘FinTech Valley of India’.
- The knowledge exchange will not only help to create high-quality job opportunities in FinTech but also help provide market access for implementation in both countries.