Prime Minister Narendra Modi and Singapore Prime Minister 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 at 11 am (local time) via video
conferencing.
Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon will launch the cross-border connectivity.
India has emerged as one of the fastest-growing ecosystems for fintech innovation.
Prime Minister Narendra Modi’s visionary leadership has been instrumental in driving the globalisation of India’s best-in-class digital payment infrastructure, Union Finance Ministry said on Monday.
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 linkage of these two payment systems would enable residents of both countries to make faster and cost-efficient transfer of cross-border remittances, the ministry said, adding that 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.
