The Philippines and India have signed a memorandum of understanding (MOU) aimed at enhancing cooperation in the field of financial technology (FinTech), marking a significant milestone in bilateral relations between the two countries.
Finance Secretary Benjamin E. Diokno and Ambassador of India to the Philippines Shambhu Santha Kumaran signed the MOU at the Department of Finance (DOF). The agreement establishes a Joint Working Group (JWG) on FinTech, which will include representatives from the Government of India’s Department of Economic Affairs (DEA), Ministry of Finance, and the Philippine government.
The JWG will facilitate inter-governmental discussions on various aspects of FinTech, including the exchange of best practices, regulatory connections, development of FinTech solutions, and the creation of international standards.
Diokno cited India’s expertise in digital technology and the Philippines’ young and tech-savvy talent pool while Amb. Kumaran highlighted India’s rapid growth in digital payments and its transition to a cashless, digitalized economy