The agreement will include the establishment of a joint working group on fintech involving the Philippines’ department of finance and India’s department of economic affairs.

In addition to inter-government discussions on best practice, the MoU also mentions the promotion of cooperation in the development of fintech services and the creation of an international version of application programming interfaces.

India has been at the forefront of digital cash developments and began its pilot on central bank digital currency at the end of 2022.