The US vice president and PM Modi took part in bilateral discussion as India and US seek to engage in trade and security. The two leaders are seeking a common vision for maintaining a free and open Indo-Pacific.
Both leaders also discussed the denuclearisation of the Korean peninsula. The India prime minister expressed grief over the California wildfires which have killed at least 48 people.
PM Modi also discussed the issue of mainstreaming of terrorism in Pakistan, including defence cooperation with the US vice president.
"World peace is the only way to global prosperity," PM Modi told Pence, adding,"we must work to preserve democratic values."
Pence will be representing President Donald Trump at the ASEAN and East Asia Summit in Singapore.
Prime Minister Modi will also attend the 13th East Asia Summit (EAS) and Regional Comprehensive Economic Partnership (RCEP) Summit hosted by Singapore as the current chair of ASEAN grouping.
Earlier in the day, PM Modi while addressing the Fintech summit in Singapore said that financial inclusion had become a reality for 1.3 billion Indian, while asserting that through Aadhaar and cellphones, his government had launched Jan Dhan Yojana and opened 330 million new bank accounts in three years.
After arriving in Singapore, PM Modi met his Singaporean counterpart Lee Hsien Loong as the two leaders discussed financial technology and regional economic integration.
India and Singapore are working to connect Indian and ASEAN small and medium enterprises.
At the keynote address, PM Modi said the world was going through a "historic transition brought about by technology. From desktop to cloud, from Internet to social media, from IT Services to Internet of Things."
After arriving in Singapore, PM Modi met his Singaporean counterpart Lee Hsien Loong