The Philippines signed on Monday a memorandum of understanding with India to enhance cooperation in the field of financial technology.
Finance Secretary Benjamin Diokno and Ambassador of India to the Philippines Shambhu Santha Kumaran signed the MOU at the Department of Finance office in Manila.
The MOU directs the constitution of a joint working group on fintech with the government of the Republic of India’s Department of Economic Affairs, Ministry of Finance.
The creation of a joint working group is expected to facilitate inter-governmental discussions on 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.
“On the one hand, India is a rising economic powerhouse, with a forte in digital technology. On the other, the Philippines hosts a young and tech-savvy talent pool that can provide the intellectual capital needed to succeed in the digital economy. Clearly, the possibilities between our two economies are boundless,” Diokno said.
