PH, India to cooperate on FinTech

The Philippines and India have sealed a partnership in Financial Technology (FinTech) as the two countries see the need for cooperation to share and learn from each others' expertise and potentials.

Department of Finance (DOF) Secretary Benjamin Diokno and Indian Ambassador to the Philippines Shambhu Kumaran on Monday signed a memorandum of understanding (MOU), which would direct the constitution of a Joint Working Group (JWG) on FinTech with India's Department of Economic Affairs (DEA), Ministry of Finance.

Photo courtesy of Indian Embassy in Manila

With the JWG, both countries would expect to facilitate inter-governmental discussions on the following:

• the exchange of best practices to improve policies and regulatory connection
• promote cooperation in the development of FinTech solutions for business or financial sectors, and
• develop international standards by encouraging the creation of an international version of Application Programming Interfaces (API).

In boosting cooperation with India, Diokno noted India's rise as an economic powerhouse "with a forte in digital technology."

Meanwhile, he cited the Philippines' "young and tech-savvy talent pool that can provide the intellectual capital needed to succeed in the digital economy."

That makes the "possibilities between our two economies are boundless," Diokno said.

In a Twitter post, the Indian Embassy in Manila said the move was a "decisive step towards partnership on digital payments; financial inclusion; fintech and related areas."