The central bank of Singapore and Andhra Pradesh (a South Indian province) announced their intention to join together and promote financial technology innovation on Saturday. To cement the deal, an agreement called the “Fintech Cooperation Agreement” was signed binding the two states.
Read the full story below.
In another global move to embrace Bitcoin, India and Singapore are the next big players entering the field. On Saturday, the central bank of Singapore (Monetary Authority of Singapore) and Andhra Pradesh (a South Indian province) announced their intention to join together and promote financial technology innovation, focusing specifically on blockchain and digital transactions. To cement the deal, an agreement called the “Fintech Cooperation Agreement” was signed binding the two states.
Andhra Pradesh is well-renowned in India, and across the rest of the world, as one of the leading tech industries. Singapore also harbors a welcoming environment for new technology and development. Singapore released a statement, clarifying their role in further research and innovation in blockchain (the Bitcoin database). This has techies and finance-wizards very excited, if blockchain gains international and government funded status it will truly explode as the next big thing.
The benefits to both countries are immense. Andhra Pradesh will see new curriculum development in the education of financial technologies in their state, as per the agreement. Singapore gains a lot of ground here, with this partnership, and the creation of an entirely new market in India will open up doors for Fintech startups in Singapore than need venture capital to gain ground. Perhaps the biggest concern on the Indian financial sector is security; 3.2 million debit cards were recently compromised due to gaps in the system. With India’s mammoth market, this is a huge opportunity to offer complete security.
With Singapore’s success and India’s need, the world may possibly see one of the greatest partnerships in the financial and technology markets. Corporations and countries in the West, constantly facing security breaches with no solution in sight might finally turn their heads towards Singapore, adopting its Bitcoin and blockchain friendly approach.