Singapore and India can work together in financing infrastructure projects, with the latter’s need for US$1.5 trillion in funding over the next 10 years, according to a Singaporean minister.

Ong Ye Kung, Minister for Education (Higher Education and Skills) said that the Indian companies are already tapping into the 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,” Ong was quoted as saying by the Press Trust of India at a symposium organised by the Institute of South Asian Studies.

There is also a significant opportunity for both countries’ insurance sectors to work together, especially in financial technology (fintech).

“As a leading insurance and reinsurance hub in Asia, Singapore is also well-placed to help address India’s risk management needs,” Ong added. He also described fintech as the “most exciting area for collaboration.”

Singapore is currently working with the Indian state governments of Andhra Pradesh and Maharashtra to advance blockchain and other innovative technologies, including cross-border payments, he revealed.

“Done well, these initiatives will have a far-reaching positive impact on India - as well as Singapore for the long-term,” said Ong.