WORLD NEWS | Launch of connection between India’s UPI and Singapore’s PayNow is landmark move: Singapore envoy

New Delhi [India]Feb 20 (ANI): The launch and connection of the cross-border connection between India’s Unified Payments Interface (UPI) and Singapore’s PayNow is a “landmark initiative”, Singapore’s High Commissioner to India Simon Wong said on Monday.

“As India’s first cross-border real-time payment partner, this landmark move reflects the deep trust between the two countries and will take the bilateral relationship to even greater heights. We look forward to continuing to be a part of India’s digital transformation journey.” Part of it,” said Simon Wong.

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Read a press release from the Prime Minister’s Office where Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong will witness the launch via video conference on 21 February 2023 at 11am (IST).

RBI Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon will kick off the launch.

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The connection of the two payment systems will allow residents of both countries to send money across borders faster and more economically. It will also help the Indian diaspora in Singapore, especially migrant workers and students, to transfer from Singapore to India and vice versa with instant and low-cost funds.

India has emerged as one of the fastest growing ecosystems for fintech innovation. Prime Minister Modi’s visionary leadership has been instrumental in driving the globalization of India’s best-in-class digital payments infrastructure.

One of the Prime Minister’s priorities is to ensure that the benefits of UPI are not limited to India and other countries can also benefit from it. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)