Singapore has congratulated Taiwan President Tsai Ing-wen and her party on their election victory on Saturday.

"We welcome the successful conclusion of the elections in Taiwan on Jan 11, 2020, and congratulate Dr Tsai Ing-wen and her party on their victory," the Ministry of Foreign Affairs (MFA) said in a press statement issued yesterday.

"Singapore and Taiwan share a close and friendly relationship, which goes back many years. We will continue to grow this relationship based on Singapore's 'One China' policy," the statement said.

The MFA press statement said the peaceful and stable development of cross-strait relations would not be possible without wisdom and pragmatism by the leaders on both sides of the Taiwan Strait.

"Over the years, both sides of the strait have benefited immensely from such relations. Efforts to secure the well-being of future generations and contribute to the peace and prosperity of the region will continue to be welcomed by Singapore and the international community," the statement said.

Ms Tsai won a landslide victory over her China-friendly opponent Han Kuo-yu to clinch a second term in power on Saturday.

Her Democratic Progressive Party also held on to its majority in the legislature.