Published 20:55 IST, February 20th 2023
PM Modi, Singapore counterpart set to witness launch of real-time payment systems linkage
The linkage of both UPI and PayNow would enable residents of both countries in the faster and more cost-efficient transfer of cross-border remittances.
Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong will witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on Tuesday, February 21.
According to the government press release, the event will take place at 11 am via video conferencing.
The launch of the cross-border connectivity will be done by the Governor of the Reserve Bank of India (RBI) Shaktikanta Das and the Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon.
India fastest-growing ecosystems for fintech
India has emerged as one of the fastest-growing ecosystems for fintech innovation. PM Narendra Modi’s visionary leadership has been instrumental in driving globalisation of India’s best-in-class digital payment infrastructure.
“A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it,” the press release added.
Linkage to help Indian diaspora
The linkage of both UPI and PayNow would enable residents of both countries in the faster and more cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
Updated 20:55 IST, February 20th 2023