The Indian State of Maharashtra and the Monetary Authority of Singapore (MAS) have inked a pact on Monday to jointly develop and enjoy the benefits of blockchain technology. On the back drop of this accord, both the nations will cooperate on developing applications involving blockchain.
The MOU allows both the nations to cooperate on developing innovative technologies in the financial industries of India and Singapore. The fintech innovation is envisaged to include Big Data, digitization and mobile payments.
The CFO of MAS, Mr. Sopnendu Mohanty said India and Singapore have been cooperating on many fronts since a long time. The latest accord allows even greater cooperation in the Fintech between both the nations. The Fintech firms based in Singapore will enjoy greater opportunities with the development of Fintech solutions and the market for innovative solutions in the state of Maharashtra.
The institutions in both the nations are committed to sharing the information and ensure framing of regulations for the benefit of the financial industry.
The MOU allows the Centre of Excellence based in Mumbai and Singapore to utilize the market in the state of Maharashtra for the groundbreaking financial solutions. The Fintech startups in Singapore will leverage the new opportunities to establish business relations with the counterparts in the Fintech hub of Mumbai.
Singapore is putting in considerable research efforts to understand the benefits of blockchain technology. It is also a global leader in embracing the distributed ledger technology. It is pumping in a large chunk of funds to develop solutions based on blockchain technology.
Singapore is All Set to Introduce the First Digital Currency with the Project Ubin
The country is all set to launch its first digital currency this year if the project Ubin goes as per the set plan. The project Ubin is in the final stage of completion.
Around 11 banks were engaged in the testing of the second phase of the project that involves three blockchain platforms in November 2017.
Mr. Tharman Shanmugaratnam, the Deputy Prime Minister of Singapore, has said the country will not ban trading of Cryptocurrency.