India and the Philippines are strengthening their fintech sectors by signing a memorandum of understanding (MoU).
The agreement includes the formation of a joint working group on fintech, which will involve the Philippines’ Department of Finance and India’s Department of Economic Affairs. The MoU will facilitate discussions between the two governments on best practices and promote collaboration in developing fintech services, as well as creating an international version of application programming interfaces.
India has been a leader in digital cash developments and commenced its pilot program for central bank digital currency at the end of 2022.