MAS and Maharashtra Sign MoU for Fintech Cooperation

On February 18, 2018, the Monetary Authority of Singapore (MAS) and the Government of Maharashtra, India, signed a Memorandum of Understanding to deepen fintech cooperation between the two jurisdictions. The MoU establishes a framework for sharing information, referrals of fintech companies, and joint innovation projects that could encompass banking technology, payments, and financial inclusion. Singapore's MAS has been a leading advocate of regulatory sandboxes and fintech-bank collaboration, while Maharashtra—home to Mumbai, India's financial capital—hosts a dense ecosystem of banks and fintech startups.

The partnership signals an intent to facilitate cross-border fintech expansion, which often relies on banking-as-a-service or embedded finance infrastructure in both markets. Specific financial terms were not disclosed, as the MoU is a cooperation framework rather than a commercial agreement. The deal is expected to catalyze fintech firms in both regions seeking to partner with banks or leverage banking infrastructure for product delivery.

This type of government-to-government fintech cooperation became increasingly common in 2018 as regulators sought to balance innovation with financial stability.