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Singapore Foreign Minister praises India's digital identity, payment system

By Shefali Kohli -- August 07, 2022 10:26 am -- Updated:August 07, 2022 10:26 am

Singapore, August 7: Stating it as a ‘clear opportunity,’ Singapore Foreign Minister Vivian Balakrishnan praised India for its digital identity and payment systems of the country.

After meeting with External Affairs Minister S Jaishankar in Cambodia, Balakrishnan praised India’s strengths and economic integration.

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In a statement, Singapore Foreign Minister stated that, "India has certain strengths - FinTech, digital finance, digital inclusion, and what they have done with digital identity and payment systems, is a clear opportunity for us."

"In Singapore, of course, we have all those systems as well, but for the rest of Southeast Asia, to explore how we can interconnect our payment systems, our financial systems, in order to facilitate payments and expand opportunities for small businesses across the subcontinent and across into Southeast Asia," he added.

Moreover, Balakrishnan stated: "We are reviewing the ASEAN-India Trade in Goods Agreement to facilitate trade to facilitate customs clearance and to reduce the friction for the movement of goods between the Indian subcontinent and Southeast Asia. We have got quite a lot of work there."

India-Singapore share a very strong relations which are based on key issues such as values and approaches, economic opportunities, convergence of interests, defence relations, economic and technological ties.

Moreover, countries also share cultural and human links and a great convergence on international issues including the East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association) and IONS (Indian Ocean Naval Symposium).

The close ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links across a millennium.

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India and Singapore added new momentum and direction to their Strategic Partnership in 2018, anchored in the official visit of Prime Minister Narendra Modi to Singapore from May 31 to June 2, and his second visit on November 14-15 for attending the ASEAN-India and related Summits.

-PTC News with ANI inputs

 

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