Finance Minister Nirmala Sitharaman today met the Korean Chairman of the Financial Services Commission, Lee Eog-weon, in New Delhi. In a social media post, the Finance Ministry informed that they discussed avenues to enhance cooperation and sharing of knowledge between the two countries.
These areas include fintech innovation, digital payments, investment, local currency settlement, and opportunities for business in GIFT City and the International Financial Services Centres Authority. It added that both sides deliberated on identifying avenues for greater engagement in the domains of start-ups and bilateral investment, including through India’s National Investment and Infrastructure Fund.
Additionally, the International Financial Services Centres Authority and the Financial Services Commission of Korea have signed a Memorandum of Understanding. This MoU aims at strengthening regulatory cooperation and advancing the development of the financial services ecosystem in both jurisdictions.
The MoU was signed and exchanged at the Korea-India Financial Cooperation Forum held in New Delhi, on the sidelines of the visit of President of the Republic of Korea, Lee Jae Myung to India.
