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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.

Question:

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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