Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong would witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on February 21, 2023 at 11 AM (IST) via video conferencing.

The launch will be done by Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS). UPI and PayNow To Be Linked: PM Narendra Modi, Singapore Leader Lee Hsien Loong To Witness Linking of Digital Payments Systems for Cross-Border Transactions.

India has emerged as one of the fastest-growing ecosystems for fintech innovation. Prime Minister Narendra Modi’s visionary leadership has been instrumental in driving globalisation of India’s best-in-class digital payment infrastructure. India, Singapore to Link Digital Payments Systems for Cross-Border Transactions, Check Details Here.

A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it. The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient  transfer of cross-border remittances.

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 above story first appeared on LatestLY on Feb 20, 2023 11:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website