Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong will witness the launch and linkage of cross-border connectivity between the Unified Funds Interface (UPI) of India and PayNow of Singapore on Tuesday.
The linkage of those two cost programs of each international locations would allow residents of each international locations to the quicker and extra cost-efficient switch of cross-border remittances.
The launch is scheduled at 11 am on Tuesday and is to be held through video conferencing.
Shaktikanta Das, Governor, Reserve Financial institution of India (RBI), and Ravi Menon, Managing Director, Financial Authority of Singapore (MAS) will preside over the launch occasion.
India has emerged as one of many fastest-growing ecosystems for fintech innovation.
Prime Minister Narendra Modi-led authorities has been instrumental in driving the globalisation of India’s digital cost infrastructure.
A key emphasis of PM Modi has been on making certain that the advantages of UPI aren’t restricted to India solely, however different international locations too profit from it.
“It would additionally assist the Indian diaspora in Singapore, particularly migrant staff and college students by instantaneous and low-cost switch of cash from Singapore to India and vice-versa,” the Prime Minister’s Workplace stated in a launch.
In the meantime, considering the recognition of the UPI cost system, the Reserve Financial institution of India proposed to allow all inbound travellers to India to make use of UPI for his or her service provider funds whereas they’re within the nation.
UPI funds system has turn into vastly common for retail digital funds in India, and its adoption is rising at a speedy tempo.
On February 8, the RBI governor made the announcement whereas deliberating upon the result of the three-day financial coverage committee assembly.
To start with, the power shall be prolonged to travellers from G-20 international locations arriving at “choose worldwide airports”.
