The Indian state of Maharashtra and Singapore have signed an agreement to strengthen blockchain innovation in India.
Maharashtra state says they are looking for opportunities in blockchain technology and on Monday they signed an agreement with the Monetary Authority of Singapore (MAS)
The memorandum of understanding (MoU) further enhances corporation between Maharashtra state and the Singapore market regulator. The understanding also covers areas of fintech innovation in big data and micropayment digitization
Sopnendu Mohanty, chief fintech officer of MAS, commented:
“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.”
Under this agreement, both the party’s have committed that they will share information and draft rules that will benefit the fintech industry.
The government of Maharashtra in collaboration with the cooperation has been in talks for providing a platform for fintech solutions developed in Singapore and at the Mumbai-based Centre of Excellence.It is believed that The new synergy will create an ample of opportunities for Singapore’s fintech startups to establish business relationships with their counterparts at the Mumbai fintech hub.
Singapore has been on the forefront of research in the potential of blockchain technology. It has been a leader in this space. The MAS believes in this technology and they have put huge resources into blockchain based application and solutions
The Ubin Project
Project Ubin would create Singapore first digital currency and is on the fifth and final phase of completion.
November last year saw the wrap of the second phase when a prototype of three blockchain platforms. These platforms were tested by 11 major banks, DBS Bank, Standard Chartered Bank, Singapore Exchange, United Overseas Bank, OCBC Bank, HSBC, Mitsubishi UFJ Financial Group, Citi Bank, Credit Suisse, Bank of America Merrill Lynch and JP Morgan.
The deputy prime minister announced earlier this month that it has no plans to impose a ban on cryptocurrency trading, but that the authorities would keep an eye on digital currency trading for money laundering and criminal activities.