India, Philippines ink MoU for FinTech collaboration
21 Jun 2023
2 Min Read
CW Team
An Memorandum of Understanding (MOU) on Financial Technology (fintech) cooperation was signed in Manila. The MOU was signed by Shambhu S Kumaran, Ambassador of India to the Philippines, and Benjamin E Diokno, Secretary of the Department of Finance (DOF).
According to the MOU, a Joint Working Group (JWG) will be formed, co-chaired by undersecretaries from the Ministries of Finance. The JWG will include senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions, and other related agencies.
The JWG's main objective will be to identify specific measures for partnership in various areas such as innovative technologies, the fintech industry, digital governance, payment linkages, creation of interoperable APIs, financial inclusion, and other related areas.
During the signing ceremony, Kumaran mentioned that Prime Minister Narendra Modi of India and President Ferdinand R Marcos Jr. had discussed the importance of partnership in the digital economy, particularly in the financial sector. Kumaran highlighted that the MOU would establish an institutional framework for cooperation in three key areas: digitalisation of payments, direct benefit transfer using national ID, and financial inclusion.
Kumaran expressed his hope that the MOU would facilitate a connection between India's flourishing financial sector ecosystem, which has made significant progress, and the rapidly growing sector in the Philippines. He emphasised that India's digital payments had experienced remarkable growth, reaching nearly Rs 100 billion per year, with the Unified Payment Interface (UPI) playing a crucial role in driving a cashless economy. The MOU would allow the Philippines to adopt India's best practices in this field.
Philippines Finance Secretary Benjamin E Diokno acknowledged that the administration of President Marcos Jr. prioritised digital transformation. He stated that the MOU marked a significant milestone and presented limitless opportunities for cooperation. India, being an emerging economic powerhouse with expertise in digital technologies, and the Philippines, with its young and tech-savvy talent pool, would complement each other in succeeding in the digital economy.
Also read:
Ceat unveils FY26 growth strategy, targets doubling export revenue
Lubrizol to invest $150 mn in India expanding manufacturing, R&D
An Memorandum of Understanding (MOU) on Financial Technology (fintech) cooperation was signed in Manila. The MOU was signed by Shambhu S Kumaran, Ambassador of India to the Philippines, and Benjamin E Diokno, Secretary of the Department of Finance (DOF).
According to the MOU, a Joint Working Group (JWG) will be formed, co-chaired by undersecretaries from the Ministries of Finance. The JWG will include senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions, and other related agencies.
The JWG's main objective will be to identify specific measures for partnership in various areas such as innovative technologies, the fintech industry, digital governance, payment linkages, creation of interoperable APIs, financial inclusion, and other related areas.
During the signing ceremony, Kumaran mentioned that Prime Minister Narendra Modi of India and President Ferdinand R Marcos Jr. had discussed the importance of partnership in the digital economy, particularly in the financial sector. Kumaran highlighted that the MOU would establish an institutional framework for cooperation in three key areas: digitalisation of payments, direct benefit transfer using national ID, and financial inclusion.
Kumaran expressed his hope that the MOU would facilitate a connection between India's flourishing financial sector ecosystem, which has made significant progress, and the rapidly growing sector in the Philippines. He emphasised that India's digital payments had experienced remarkable growth, reaching nearly Rs 100 billion per year, with the Unified Payment Interface (UPI) playing a crucial role in driving a cashless economy. The MOU would allow the Philippines to adopt India's best practices in this field.
Philippines Finance Secretary Benjamin E Diokno acknowledged that the administration of President Marcos Jr. prioritised digital transformation. He stated that the MOU marked a significant milestone and presented limitless opportunities for cooperation. India, being an emerging economic powerhouse with expertise in digital technologies, and the Philippines, with its young and tech-savvy talent pool, would complement each other in succeeding in the digital economy.
Also read:
Ceat unveils FY26 growth strategy, targets doubling export revenue Lubrizol to invest $150 mn in India expanding manufacturing, R&D
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
