India and Singapore have achieved a significant milestone by conducting the first live paperless transaction using the Trade Trust platform. This achievement marks a crucial step forward in enhancing digital connectivity between the two nations. The transaction occurred subsequent to the India-Singapore Ministerial Roundtable and a meeting with Prime Minister Narendra Modi.
Last year, during the inaugural session of the India-Singapore Ministerial Roundtable (ISMR), a Joint India-Singapore Ministerial delegation informed Prime Minister Narendra Modi about the outcomes of the discussions. These talks encompassed various domains such as digital connectivity, Fintech, green economy, skill development and food security.
Following the India-Singapore Ministerial Roundtable & the meeting with PM Modi, we have piloted the the first live paperless transaction using the Trade Trust platform. Another milestone in digital connect between 🇸🇬 & 🇮🇳 – HC Wong@narendramodi @ANI @WIONews @EconomicTimes pic.twitter.com/FzvGNndoLk
— Singapore in India (@SGinIndia) August 26, 2023
The ISMR, a novel ministerial platform, was initiated to strengthen economic collaboration between India and Singapore. Its purpose is to deepen existing cooperation and identify new opportunities for mutually beneficial partnerships in emerging sectors. This endeavor aligns with the two countries’ efforts to facilitate seamless cross-border transactions through their integrated online payment systems.
Singaporean High Commissioner to India, Simon Wong Wie Kuen, expressed optimism that this collaboration will elevate bilateral relations and contribute to India’s ongoing digital transformation journey.