India, Dec. 23 -- India and New Zealand will work together to strengthen strategic collaboration in the fintech space under the recently concluded free trade agreement (FTA).

In an official statement, the finance ministry said that the pact will enable Indian "financial service suppliers" to establish cross-border digital operations in New Zealand. However, this will be bound by local regulatory control over data sovereignty and consumer privacy protections.

The two countries will also work on building an interoperable (and integrated) payments system to support real-time cross-border remittances and merchant payments. In effect, this is expected to pave the way for entry of homegrown digital payments platforms in the island nation.

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