MANILA, Philippines — The Philippines and India inked a memorandum of understanding on Monday in a bid to strengthen cooperation on the fintech sector of the two countries.
In a statement on Monday, the Department of Finance said Secretary Benjamin Diokno and India’s Ambassador to the Philippines Shambhu Santha Kumaran signed the MOU.
The DOF said this development entails the setting up of a joint working group (JWG) on fintech alongside India’s Department of Economic Affairs, Ministry of Finance.
The statement detailed that the JWG will facilitate inter-government discussions on exchange of best practices, promote cooperating in the development of fintech solutions for business or financial sectors, and spearhead the development of international standards by creating an international version of application programming interfaces.
Fintech’s role within the Philippine economy expanded throughout the pandemic. The adoption of cashless transactions accelerated throughout pandemic lockdowns, as consumers boosted the profile of platforms such as Globe’s GCash and PLDT’s Maya.
That said, this JWG will be co-chaired by the DOF and India’s DEA.
The group will also count the epartment of Foreign Affairs, National Economic and Development Authority, Bangko Sentral ng Pilipinas, Department of Information and Communication Technology, Securities and Exchange Commission, Insurance Commission, and Philippine Statistics Authority.
From India’s side, their Ministry of Electronics and Information Technology, Union Identification Authority of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory Development Authority of India, Pension Fund Regulatory and Development Authority, Ministry of External Affairs, International Financial Services Centres Authority, and Indian Computer Emergency Response Team will bolster the group’s membership. — Ramon Royandoyan