Fintech

India, Singapore discuss fintech, regulatory cooperation in first ministerial roundtable. See details

In its first meeting of the India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation, the two countries reportedly discussed fintech, investment opportunities and regulatory cooperation among others during a ministerial roundtable on Saturday.

Notably, the Indian side was represented by finance minister Nirmala Sitharaman, external affairs minister S Jaishankar, and commerce and industry minister Piyush Goyal, while the Singapore delegation was led by its Deputy Prime Minister and finance minister Lawrence Wong.

During the meeting, the leaders emphasised ways of enhancing cooperation between India and Singapore in emerging and futuristic areas, the finance ministry said in a series of tweets. “Both sides deliberated upon wide range of issues which inter alia included #Financial Sector Operations, #Fintech, #Regulatory Cooperation, #Investment Opportunities and Current Economic Arrangements,” it said in a tweet.

Finance Minister Nirmala Sitharaman said in a tweet that both sides deliberated upon several issues including financial sector operations, fintech, regulatory cooperation and investment opportunities.

It is important to note that this was maiden meeting of the India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation and the ISMR seeks to deepen existing cooperation and identify opportunities for mutually-beneficial collaboration in new and emerging areas.

Singapore delegation at the ISMR was led by the country’s Deputy Prime Minister Lawrence Wong, who is also Minister for Finance. “During the meeting, the leaders emphasised ways of enhancing co-operation between India and Singapore in emerging and futuristic areas. Both sides deliberated upon wide range of issues which inter alia included Financial Sector Operations, Fintech, Regulatory Cooperation, Investment Opportunities and Current Economic Arrangements,” Sitharaman said in tweets.

Foreign Minister Vivian Balakrishnan, Trade and Industry Minister Gan Kim Yong and Transport and Trade relations Minister S Iswaran were part of the Singapore delegation. Jaishankar said there was a freewheeling discussion on the possibilities and prospects of our ties in the coming decade.

“An open and freewheeling discussion on the possibilities and prospects of our ties in the coming decade. Considerable food for thought. Look forward to our next session. “Delighted to participate in the India-Singapore Ministerial Roundtable along with FM @nsitharaman & CIM @PiyushGoyal.. Our Singapore counterparts were @LawrenceWongST, @VivianBala, , Trade & Industry Minister Gan Kim Yong and Transport & Trade relations Minister S. Iswaran,” he said in tweets.

“Joined by Industry leaders from India and Singapore who were holding a Business Roundtable in parallel. Appreciated their insights and ideas. Refreshing our relationship is truly a shared enterprise,” he added. Lawrence Wong is in India from September 17 to 21, his first official visit to India after holding office.

India and Singapore have a close bilateral relationship based on the convergence of economic and political interests and the economic reforms in India since the early 1990s created a strong basis for cooperation with Singapore, opening up possibilities for a significant presence in each other’s economies, according to PTI report.

(With inputs from ANI, PTI)

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