Singapore FM hails India’s digital identity, terms it 'clear opportunity' for his country

The Foreign Minister of Singapore, Vivian Balakrishnan complimented India's digital identification and payment systems, adding that New Delhi's efforts present a "clear opportunity" for his nation. These remarks of the Foreign Minister came on Saturday following his meeting with Indian External Affairs Minister S Jaishankar. Balakrishnan emphasised two key points including some capabilities that India possesses and economic integration. The Minister said, “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."

Referring to it, Balakrishnan clarified that Singapore has all of those systems as well. He further stated that for the rest of Southeast Asia, they should explore how they can interoperate their payment systems as well as financial systems, in order to facilitate payments and enhance opportunities for small companies across the subcontinent and in Southeast Asia.

FM Balakrishnan on India's digital identification

Singapore is 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, he said, adding that "We have got quite a lot of work there.” The foreign minister even added that he had the opportunity to meet EAM Jaishankar twice in the last few months and that there will be more interactions. 

Meanwhile, taking to Twitter, Jaishankar said that the ASEAN-India Foreign Ministers' Meeting in Phnom Penh was successful. He further expressed gratitude to his ASEAN colleagues and Singapore Foreign Minister for a fruitful discussion.  

Meanwhile, last year, on September 26, Balakrishnan and Jaishankar met in New York. Jaishankar stated on Twitter that he had "a comfortable conversation" with his Singaporean counterpart. He continued that they talked about events in the Indo-Pacific region and exchanged ideas on how to meet the COVID-19 problem. 

India-Singapore ties

Ties between India and Singapore are built on common approaches and ideals, as well as on the potential for economic growth and cooperation on important problems. Relations between both the nations in the defence sector are particularly solid and technology and economic linkages are also strong and expanding. 

It is to mention that over 20 regular bilateral mechanisms, discussions, and exercises exist between the nations. On a wide variety of global problems, there is a significant agreement, and both parties are participants in a number of forums, including the East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association), and IONS (Indian Ocean Naval Symposium). 

With a 3.2% proportion of India's total trade, Singapore is the sixth-largest trading partner for India (2020–2021). The value of bilateral commerce in 2021–2022 (April–September 2021) was USD 14.2 billion. India and Singapore have long-standing relations that have their roots in mutually beneficial trade, cultural exchanges, and human interactions. 

(With ANI inputs)

(Image: Twitter/ @DrSJaishankar)