1 week ago
India and Singapore Expand Capital Markets and Economic Collaboration
India and Singapore want to work more closely in business and finance.
Their stock exchanges are discussing ways to help companies raise money in both countries.
These ideas include trading derivatives and allowing companies to list on both exchanges.
The countries also want more banks and shops to use their linked digital payment systems.
A larger payment project called Project Nexus may begin operating by 2027.
They talked about building semiconductor factories and training workers in India.
They also discussed food supplies, food processing, and research.
Finally, they signed agreements about telecommunications, broadcasting, maritime heritage, and food safety.
Singapore Exchange and National Stock Exchange are exploring derivatives and possible dual listings.
The collaboration could give Indian businesses broader access to regional and global capital markets.
India and Singapore discussed expanding participation in the UPI-PayNow payment link, with Project Nexus targeted for 2027.
The countries discussed semiconductor manufacturing, supplier relocation, and workforce training in India.
They signed cooperation agreements covering telecommunications, broadcasting, maritime heritage, and food safety.
- Who
- Indian ministers and Singapore Deputy Prime Minister Gan Kim Yong discussed the cooperation.
- What
- India and Singapore discussed expanding collaboration in capital markets, digital payments, semiconductors, food, telecommunications, broadcasting, and maritime heritage.
- Where
- The ministerial roundtable took place in Singapore.
- When
- The fourth India-Singapore Ministerial Roundtable was held on Thursday; Project Nexus is currently scheduled to come online by 2027.
- Why
- The countries aim to improve Indian companies’ access to capital, expand digital-payment participation, support semiconductor investment and training, and strengthen bilateral cooperation.
Key facts
- Meeting
- Fourth India-Singapore Ministerial Roundtable
- Capital markets
- Singapore Exchange and National Stock Exchange are exploring derivatives and possible dual listings.
- Digital payments
- India and Singapore discussed expanding cooperation between United Payment Interface (UPI) and PayNow.
- Project Nexus
- The planned multination payment collaboration is expected to come online by 2027, according to Gan Kim Yong.
- Semiconductors
- The countries discussed bringing Singapore-based suppliers to India and training India’s workforce.
- Signed instruments
- Two Memoranda of Understanding and one Letter of Intent were exchanged.
- Cooperation areas
- The agreements cover food safety, maritime heritage, telecommunications, and broadcasting.
Quotes
Gan Kim Yong
Deputy Prime Minister of Singapore
“They (SGX and NSE) are exploring different alternatives including derivatives and possibility of dual listing so that the business entities in India will have greater access to the capital around this region as well as world leveraging on SGX connection and depth of the capital markets.”
financialexpress.com
Sources
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