Singapore DPM Lawrence Wong with Gujarat Chief Minister, Bhupendra Patel

It was reported in the Straits Times today that Singapore and India have signed an agreement that enables fintech companies from both countries to market-test innovative financial products in both markets (‘Singapore, India sign agreement for fintech firms to market-test products’, 19 Sep 2022).

It is said that both countries will now operate a joint regulatory sandbox, with yesterday’s (18 Sep) signing of the FinTech Cooperation Agreement between the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) of India.

A regulatory sandbox allows companies to test their financial products and services with actual customers without the need for any full licensing.

The signing was witnessed by Singapore newly appointed Deputy Prime Minister Lawrence Wong who is slated to become Singapore’s next Prime Minister.

DPM Wong was optimistic that the newly signed agreement will help create new jobs.

He said, “I hope this will spur innovation, create new jobs and investments, and further strengthen the development of the fintech industry in both Gujarat and Singapore.”

The agreement was signed in the Indian state of Gujarat yesterday. Gujarat is the home state of Indian PM Narendra Modi and Singapore is the state’s second-largest investor.

Said DPM Wong in his Facebook posting after the signing ceremony, “Singapore and Gujarat enjoy a close and broad-based relationship. Singapore is the second largest investor in Gujarat. Meanwhile, Gujarat accounts for nearly 30% of India’s exports to Singapore.”

“This is why I was very happy to meet Gujarat Chief Minister, Bhupendra Patel,” he added. “I look forward to deepening our relationship with Gujarat and India for many years to come.”

Notify of
Inline Feedbacks
View all comments
You May Also Like

BBC documentary: Modi behind violence against Muslims in 2002 Gujarat riots

INDIA — In 2002, when Narendra Modi, the present Indian PM, was…

Singapore gets caught up by Chinese clandestine propaganda operation in India

Indian journalists and researchers have been approached by alleged Chinese agents who offered them monetary rewards to cooperate on projects or write articles on security and foreign policy, according to reports in the Indian media. The agents reportedly used fake credentials and claimed to be from Singapore-based institutions. Two individuals, who claimed to be working for the National University of Singapore and Singapore Institute of International Affairs respectively, contacted journalists and researchers via social media and email. Singapore High Commissioner Simon Wong later confirmed that the individuals in question did not exist and their accounts were fake. Experts believe the incident is part of a clandestine propaganda operation by China, with the aim of influencing Indian journalists and researchers in their writings.

Forum Asia calls for India to revoke arbitrary ban on BBC documentary

MUMBAI, INDIA — The Asian Forum for Human Rights and Development (FORUM-ASIA)…

India’s finance minister says markets ‘well regulated’ after Adani storm

MUMBAI, INDIA — Indian Finance Minister Nirmala Sitharaman said Friday her country’s…