Minister seek Singapore-India collaboration

Singapore wants Indian corporate sector to tap its deep capital markets as have been done by India’s National Thermal Power Corp and the Indian Railway Finance Corp in recent years.

Indian infrastructure projects seeking long-term institutional funds can also look to leverage the strong infrastrucure financing eco-system in Singapore, said Ong Ye Kung, Minister for Education (Higher Education and Skills) in his call on Indian businesses.

India and Singapore can work together on infrastructure financing, especially financing US$1.5 trillion required over the next 10 years for funding projects, he said at a symposium on “India’s Changing Financial Landscape”.

He also noted Indian insurance sector’s great promise for growth, saying “As a leading insurance and re-insurance hub in Asia, Singapore is also well placed to help address India’s risk management needs.”

Fintech was another exciting area for Singapore-India collaboration and partnership. “This is the space where there is boundless imagination, creativity and enthusiasm, especially from our young,” he underlined.

Singapore, he said, was also working with the State Governments of Andhra Pradesh and Maharashtra to bolster cooperation in innovation and blockchain technologies, including cross border payments.

The development of FinTech has opened up new frontiers for cooperation between Singapore and India.

Highlighting technology-driven transformation in India, he said “It has also opened up new and exciting opportunities for collaboration between our two countries.

“Done well, these initiatives will have a far-reaching positive impact on India – as well as Singpapore for the long-term,” stressed Ong.

More than 100 executives and leaders from financial sector attended the symposium organized by the Institute of South Asia Studies, a think tank of the National University of Singapore, on 23 March 2018. fii-news.com