Indian Chartered Accountants may soon gain wider professional recognition in Singapore, with the Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) moving towards a full Mutual Recognition Agreement (MRA).The two institutes formally exchanged letters marking their intent to work towards an MRA covering reciprocal recognition of professional qualifications. The development builds on their ongoing engagement, which has been underway since at least 2023, the CA institute said in a statement. The two bodies have also separately agreed to explore collaboration on artificial intelligence capability building for the accounting profession.The proposed MRA would provide a more comprehensive framework for recognition of qualifications between the two institutes. For Indian CAs, it could potentially improve professional mobility and opportunities to work in Singapore, subject to the final scope and conditions of the agreement.The move builds on an earlier step taken by ISCA in February 2023, when it added the ICAI qualification to its list of ‘Recognised Professional Qualifications’. This allowed eligible Indian Chartered Accountants in Singapore to become ISCA Associate Members. A full MRA would go beyond this existing arrangement by providing a broader framework for reciprocal membership recognition.ICAI currently has more than 4.67 lakh members and has continued to expand its international professional partnerships. It has eight Qualification Reciprocity Agreements or MRAs and 16 Memoranda of Understanding with overseas professional bodies.Alongside the proposed MRA, ICAI and ISCA are also exploring cooperation in artificial intelligence. The two institutes plan to examine how their respective AI initiatives can complement each other and support capability building within the accounting profession.ICAI has already undertaken several AI-focused initiatives, including training more than 50,000 members, developing over 150 GPT-based tools and introducing a three-level AICA certification programme. It has also signed an MoU with Sarvam AI. ISCA, meanwhile, has its own AI Fluency Programme for the profession.Story continues below this adThe proposed collaboration could involve working-level teams from both institutes exploring areas for knowledge sharing, training and AI capability development. The AI initiative remains at the exploration stage, with its scope and structure yet to be jointly defined.