NB Explains | India-Singapore pilot first live paperless transaction using Trade Trust platform

New Delhi, Aug 26: India and Singapore piloted the first live paperless transaction using the Trade Trust platform, marking another milestone in the digital connection between India and Singapore.

 

 

 

 

Singapore High Commissioner Simon Wong on Saturday (Aug 26) took to his social media platform 'X' and said, "Following the India-Singapore Ministerial Roundtable & the meeting with PM Modi, we have piloted the first live paperless transaction using the Trade Trust platform. Another milestone in digital connect between Singapore & India- HC Wong." The transaction took place following the India-Singapore Ministerial Roundtable and the meeting with Prime Minister Narendra Modi.

 

 

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Last year, a Joint India-Singapore Ministerial delegation called upon Prime Minister Narendra Modi and briefed him about the outcomes of the inaugural session of the India-Singapore Ministerial Roundtable (ISMR). The delegation briefed the Prime Minister about the wide-ranging discussions held, especially in emerging areas of digital connectivity, Fintech, green economy, skill development and food security, a statement from the Prime Minister's Office said. This was a maiden meeting of the India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation.

 

 

 

 

 

The ISMR seeks to deepen existing cooperation and identify opportunities for mutually beneficial collaboration in new and emerging areas. In March this year, External Affairs Minister S Jaishankar met Singapore's Minister of Trade and Industry Gan Kim Yong and "spoke about taking forward the India-Singapore Ministerial Roundtable process." India and Singapore recently linked their respective online payment systems for seamless cross-border transactions between the two countries.

 

 

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Singaporean High Commissioner to India Simon Wong Wie Kuen said this collaboration would take bilateral relations to greater heights and his country looks forward to continuing to be part of India's digital transformation journey.

 

 

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