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Manila Bulletin devider Business devider PH, India enhance FinTech cooperation

PH, India enhance FinTech cooperation

Published Jun 19, 2023 07:01 am
The Department of Finance (DOF) has signed a memorandum of understanding seeking to enhance cooperation between the Philippines and India in the field of financial technology (FinTech). On Monday, June 19, Finance Secretary Benjamin E. Diokno and Ambassador of India Shambhu Kumaran signed an MOU to form a joint working group on FinTech with the Indian Government's Department of Economic Affairs. The joint working group aims to foster inter-governmental discussions, promote cooperation in FinTech development, and establish international Application Programming Interfaces (API). “The signing of this memorandum of understanding on the constitution of a joint working group on financial technology signals a promising start to greater financial and development cooperation between our two countries,” Diokno said. Diokno noted the complementary strengths of India and the Philippines in FinTech, citing New Delhi’s expertise in digital technology and Manila's young and tech-savvy talent pool as intellectual capital needed to succeed in the digital economy. “Clearly, the possibilities between our two economies are boundless. As you know digital adoption has taken a quantum leap since the pandemic swept the world. The rapid digitalization ushered in major disruptions in the way we work, live, and do business,” he said. The finance chief added that the newly signed memorandum will facilitate the exchange of best practices on policies and regulations related to FinTech between the two economies. “The intergovernmental discussion will also promote cooperation between the FinTech industry in India and the Philippines, including the development of FinTech solutions for our business and financial sectors,” Diokno said. “Finally, the joint working group will help in the development of international standards by encouraging the creation of an international version of application programming interfaces or API and standards that are interoperable with the API's created in public systems,” he added. This will be instrumental in strengthening digital governance, mainstreaming digital fund transfer platforms and promoting the use of digital signatures across borders, Diokno said. “These advancements also encourage financial inclusion strategies that can help in addressing the widening digital divide,” he said. “Digitalization will continue to be a strategic investment priority of the of the Philippines in the years to come. I'm confident that our countries will reap exponential rewards from this partnership,” Diokno said.
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