India, Philippines ink MoU for FinTech collaboration

21 Jun 2023 CW Team

According to the MOU, a Joint Working Group (JWG) will be formed, co-chaired by undersecretaries from the Ministries of Finance. The JWG will include senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions, and other related agencies.

The JWG's main objective will be to identify specific measures for partnership in various areas such as innovative technologies, the fintech industry, digital governance, payment linkages, creation of interoperable APIs, financial inclusion, and other related areas.

During the signing ceremony, Kumaran mentioned that Prime Minister Narendra Modi of India and President Ferdinand R Marcos Jr. had discussed the importance of partnership in the digital economy, particularly in the financial sector. Kumaran highlighted that the MOU would establish an institutional framework for cooperation in three key areas: digitalisation of payments, direct benefit transfer using national ID, and financial inclusion.

Kumaran expressed his hope that the MOU would facilitate a connection between India's flourishing financial sector ecosystem, which has made significant progress, and the rapidly growing sector in the Philippines. He emphasised that India's digital payments had experienced remarkable growth, reaching nearly Rs 100 billion per year, with the Unified Payment Interface (UPI) playing a crucial role in driving a cashless economy. The MOU would allow the Philippines to adopt India's best practices in this field.

Philippines Finance Secretary Benjamin E Diokno acknowledged that the administration of President Marcos Jr. prioritised digital transformation. He stated that the MOU marked a significant milestone and presented limitless opportunities for cooperation. India, being an emerging economic powerhouse with expertise in digital technologies, and the Philippines, with its young and tech-savvy talent pool, would complement each other in succeeding in the digital economy.

Also read:
Ceat unveils FY26 growth strategy, targets doubling export revenue
Lubrizol to invest $150 mn in India expanding manufacturing, R&D

An Memorandum of Understanding (MOU) on Financial Technology (fintech) cooperation was signed in Manila. The MOU was signed by Shambhu S Kumaran, Ambassador of India to the Philippines, and Benjamin E Diokno, Secretary of the Department of Finance (DOF). According to the MOU, a Joint Working Group (JWG) will be formed, co-chaired by undersecretaries from the Ministries of Finance. The JWG will include senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions, and other related agencies. The JWG's main objective will be to identify specific measures for partnership in various areas such as innovative technologies, the fintech industry, digital governance, payment linkages, creation of interoperable APIs, financial inclusion, and other related areas. During the signing ceremony, Kumaran mentioned that Prime Minister Narendra Modi of India and President Ferdinand R Marcos Jr. had discussed the importance of partnership in the digital economy, particularly in the financial sector. Kumaran highlighted that the MOU would establish an institutional framework for cooperation in three key areas: digitalisation of payments, direct benefit transfer using national ID, and financial inclusion. Kumaran expressed his hope that the MOU would facilitate a connection between India's flourishing financial sector ecosystem, which has made significant progress, and the rapidly growing sector in the Philippines. He emphasised that India's digital payments had experienced remarkable growth, reaching nearly Rs 100 billion per year, with the Unified Payment Interface (UPI) playing a crucial role in driving a cashless economy. The MOU would allow the Philippines to adopt India's best practices in this field. Philippines Finance Secretary Benjamin E Diokno acknowledged that the administration of President Marcos Jr. prioritised digital transformation. He stated that the MOU marked a significant milestone and presented limitless opportunities for cooperation. India, being an emerging economic powerhouse with expertise in digital technologies, and the Philippines, with its young and tech-savvy talent pool, would complement each other in succeeding in the digital economy. Also read: Ceat unveils FY26 growth strategy, targets doubling export revenue Lubrizol to invest $150 mn in India expanding manufacturing, R&D

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..