As India and Singapore on Tuesday linked their respective on-line funds methods for seamless cross-border transactions between the 2 international locations, Singaporean Excessive Commissioner to India Simon Wong Wie Kuen on Tuesday stated this collaboration would take bilateral relations to better heights and his nation seems ahead to persevering with to be a part of India’s digital transformation journey.
Unified Funds Interface (UPI) of India and PayNow of Singapore have been linked earlier at the moment at a digital occasion, which was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.
“As India’s 1st first cross-border real-time cost associate, this milestone initiative displays the deep belief between each international locations, and can take bilateral relations to even better heights. We look ahead to proceed to be a part of India’s digital transformation journey,” the envoy stated in a tweet.
The linkage of those two cost methods of each international locations would allow residents to the quicker and extra cost-efficient switch of cross-border remittances. Folks in each international locations can ship cash in real-time through QR-code primarily based or just by coming into cell numbers linked to the checking account.
Shaktikanta Das, Governor, the Reserve Financial institution of India (RBI), and Ravi Menon, managing director of the Financial Authority of Singapore (MAS), the nation’s apex monetary authority, additionally presided over the launch occasion.
This collaboration can even assist the Indian diaspora in Singapore, particularly migrant employees and college students by instantaneous and low-cost switch of cash from Singapore to India and vice-versa.
Prime ministers of each international locations had a phone name in reference to the joint digital launch of the PayNow-UPI linkage, an announcement from the Ministry of International Affairs Singapore stated.
The readout stated each the prime ministers reaffirmed the robust, broad-based, and forward-looking relationship between Singapore and India, which is underpinned by frequent high-level exchanges and strong cooperation throughout numerous sectors.