Singapore, Indian State Join Forces to Speed Fintech

Indians who leapfrog traditional, brick-and-mortar banks could soon get a leg up from Singapore’s finance sector.

The governments of Singapore and Andhra Pradesh, an Indian state, are teaming up to grow the nascent financial technology, or fintech, industry. With a newly signed memo of understanding, one priority will be to invent banking tools in Singapore and try them out among a much bigger Indian population.

“Clearly, Singapore wants to play on the world stage. The government wants to establish Singapore as a capital of fintech,” Antony Eldridge, partner at consulting and accounting firm PwC Singapore, told Bloomberg BNA. “This presents ...