Back to news
  • Wed, Feb 28, 2018 Indian State Gov’t, Singapore’s Central Bank To Explore Blockchain Projects


    Singapore’s central bank and a state government in India have signed an agreement indicating that they will jointly promote innovation in the financial technology sector and consider working together on projects that involve blockchain technology.

    On February 18, the government of India's Maharashtra state and the Monetary Authority of Singapore (MAS), that country's central bank, signed a Memorandum of Understanding (MoU) to "strengthen cooperation in promoting FinTech innovation in the two markets."

    Announced today, the agreement calls on both bodies to "explore potential joint innovation projects on the application of key technologies," including blockchain.

    Through the MoU, the two parties have also agreed to share information on FinTech trends and to discuss how to regulate the financial sector without stifling innovation.

    Additionally, MAS and Maharashtra will work together to craft "educational programmes on FinTech."

    Maharashtra recently made headlines with a plan to use blockchain technology to store some government data.

    MAS previously made a similar agreement with the Hong Kong Monetary Authority to link Singaporean and Hong Kongese FinTech firms.

    Last year, the authority, which has trialed its own Ethereum-based interbank settlement system, issued guidance on how to determine whether cryptocurrencies double as securities.