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India, Philippines Sign MoU on FinTech Cooperation

Published on June 21, 2023
Current Context: India and Philippines have signed a Memorandum of Understanding (MOU) on Financial Technology (fintech) cooperation on June 19, 2023. The MOU was signed by Shambhu S. Kumaran, Ambassador of India to the Philippines and Benjamin E Diokno, Secretary, Department of Finance (DOF).
India, Philippines Sign MoU on FinTech Cooperation
  • The MOU aims to establish a Joint Working Group (JWG) co-chaired by the undersecretaries of the Ministries of Finance, and comprising senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions and other related agencies as members.
  • The JWG would identify concrete measures for partnership in innovative technologies; fintech industry, digital governance; payment linkages; creation of interoperable APIs; financial inclusion and other related areas.
  • The MOU would enable the Philippines to adopt the best practices from India in digital payments, direct benefit transfer using national ID and financial inclusion.


Q.1 Who signed the MOU on fintech cooperation between India and Philippines?
a. Shambhu S. Kumaran and Benjamin E Diokno

b. Narendra Modi and Ferdinand R. Marcos Jr
c. Raghuram Rajan and Carlos Dominguez III
d. Sushma Swaraj and Teodoro Locsin Jr
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