India's UPI and Singapore’s PayNow integration launched

UPI and PayNow: Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) MD Ravi Menon launched the cross-border connectivity of the Unified Payments Interface (UPI) of India and PayNow of Singapore in the presence of Indian Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong.

"Today is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovation. The participation of my friend, PM @leehsienloong made this morning's programme even more special," PM Narendra Modi Tweeted today.

Today is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovation. The participation of my friend, PM @leehsienloong made this morning's programme even more special. https://t.co/e1FwtNHay4

— Narendra Modi (@narendramodi) February 21, 2023

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Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong virtually witnessed the launch of cross-border connectivity.

This launch will enable faster and cost-efficient transfer of cross-border remittances.

India has emerged as one of the fastest-growing ecosystems for fintech innovation, a statement from the Prime Minister’s Office said.

Prime Minister Modi's visionary leadership has been instrumental in driving globalisation of India's best-in-class digital payment infrastructure, it said.

A key emphasis of the prime minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well.

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances, the statement said.

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 statement said.

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(With PTI inputs)