India and Singapore can work together on infrastructure financing with opportunities to tap into USD 1.5 trillion funding required for development projects in India over the next 10 years, a Singaporean minister said here today.
Making this call, Ong Ye Kung, Minister for Education (Higher Education and Skills) noted that the Indian corporates have been tapping Singapore capital market.
"Indian infrastructure projects seeking long-term institutional funds can also look to leverage the strong infrastructure financing ecosystem in Singapore, comprising multilateral development banks, private financiers, lawyers, accountants, and other professional services," said Ong at a Symposium on 'India's Changing Financial Landscape', held here.
He also pointed out that Indian insurance sector holds great promise for growth.
"As a leading insurance and re-insurance hub in Asia, Singapore is also well placed to help address India's risk management needs," he said.
The minister went on to highlight the "most exciting area for collaboration between Singapore and India in FinTech".
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"This is the space where there is boundless imagination, creativity and enthusiasm, especially from our young," underlined the minister.
Singapore, he said, is 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 the two countries."