PM Modi and his Singaporean counterpart Lee officially link India's UPI and Singapore's PayNow
Narendra Modi, the Prime Minister of India, and Lee Hsien Loong, the Prime Minister of Singapore, have officially connected PayNow and the Unified Payments Interface (UPI) of India.
Shaktikanta Das, Governor of the Reserve Bank of India, and Ravi Menon, Managing Director of the Monetary Authority of Singapore, have completed a live cross-border financial transfer.
In the presence of PM Modi and PM Lee, the MD of the Singapore Monetary Authority, Ravi Menon, and RBI Governor Shaktikanta Das display their phones following a successful cross-border fund transfer.
"The inauguration of the UPI-PayNow connectivity (between Singapore and India) is a present to the two nations' residents, which they greatly anticipated. The people of Singapore and India deserve congratulations for this, said Prime Minister Narendra Modi.
Technology in the modern day connects us to one another in a number of different ways. People can connect with one another through the fintech industry. It often stays within a single nation's borders. But, with today's launch, cross-border Fintech connection has entered a new chapter. India has prioritized establishing an environment that is supportive of modernization and innovation during the last few years. Our Digital India programme has improved Ease of Doing Business. Together with digital connectivity, financial inclusion has gained momentum as a result, he continued.
Residents of both nations will be able to send cross-border remittances more quickly and affordably thanks to this UPI and PayNow integration. In addition, rapid and inexpensive money transfers from Singapore to India and vice versa will assist the Indian diaspora in Singapore, particularly migrant workers and students. According to the Ministry of Foreign Affairs (MEA) document Population of Overseas Indians, there are 6.5 lakh Indians living in Singapore. This number includes both residents and non-resident Indians (2022).
The advantages of UPI, according to Prime Minister Narendra Modi, extend beyond India to other nations as well. A major step towards the G20's financial inclusion priorities of promoting quicker, less expensive, and more transparent cross-border payments has been made with the integration of UPI and PayNow.