Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong will witness the launch and linkage of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on Tuesday.
The linkage of those two fee techniques of each nations would allow residents of each nations 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 Bank of India (RBI), and Ravi Menon, Managing Director, Monetary 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 fee infrastructure.
A key emphasis of PM Modi has been on making certain that the advantages of UPI should not restricted to India solely, however different nations too profit from it.
“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,” the Prime Minister’s Office stated in a launch.
Meanwhile, bearing in mind the recognition of the UPI fee system, the Reserve Bank of India proposed to allow all inbound travellers to India to use UPI for their service provider funds whereas they’re within the nation.
UPI funds system has grow to be massively in style for retail digital funds in India, and its adoption is rising at a fast 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 ability will likely be prolonged to travellers from G-20 nations arriving at “select international airports”.
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