The government of Indian state of Maharashtra has signed a Memorandum of Understanding (MoU) with the Monetary Authority of Singapore (MAS) to strengthen fintech cooperation.

The MoU was signed at a ceremony at the Magnetic Maharashtra event in India. It will provide opportunities for fintech startups in Singapore to set-up and build business relationships with fintech companies at the Mumbai FinTech hub, exchange information relating to fintech trends, and discuss regulatory approaches to encourage innovation in the financial sector.

“Such MoUs are strategic steps towards achieving the vision of FinTech innovation in Maharashtra state – of making the state a leading centre of innovation in FinTech ecosystem. MAS's cooperation is a great example of friendship between our great nations and shall go a long way to build further milestones," added S.V.R. Srinivas, Principal Secretary, Information Technology, Government of Maharashtra.

Under the agreement, the government of Maharashtra and the MAS will co-develop educational programmes on fintech and explore potential joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain, and big data. In addition, the government of Maharashtra will also facilitate the creation of a marketplace for fintech solutions developed in Singapore and at the Centre of Excellence (COE) in Mumbai.

“Singapore and India have been longstanding partners on many fronts. This agreement paves the way for greater FinTech collaboration between Singapore and Maharashtra. The creation of a Centre of Excellence and marketplace for FinTech solutions in Maharashtra could create more opportunities for Singapore-based FinTech firms,” said Sopnendu Mohanty, Chief Fintech Officer, MAS.

Earlier this month, reports suggested that the government of Maharashtra was planning to launch five to six blockchain pilot projects in the state in collaboration with startups. Previously, reports also suggested that the Maharashtra state government was seeking to tap blockchain technology for securing online data.