UPI-PayNow Linkage Would Take Bilateral Relations to Better Heights: Singaporean Envoy

As India and Singapore on Tuesday linked their respective on-line funds methods for seamless cross-border transactions between the 2 international locations, Singaporean High Commissioner to India Simon Wong Wie Kuen on Tuesday stated this collaboration would take bilateral relations to higher heights and his nation appears to be like ahead to persevering with to be a part of India’s digital transformation journey.

Unified Payments Interface (UPI) of India and PayNow of Singapore have been linked earlier at present at a digital occasion, which was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.

“As India’s 1st first cross-border real-time payment partner, this milestone initiative reflects the deep trust between both countries, and will take bilateral relations to even greater heights. We look forward to continue to be part of India’s digital transformation journey,” the envoy stated in a tweet.

The linkage of those two fee methods of each international locations would allow residents to the sooner and extra cost-efficient switch of cross-border remittances. People in each international locations can ship cash in real-time through QR-code primarily based or just by getting into cell numbers linked to the checking account.

Shaktikanta Das, Governor, the Reserve Bank of India (RBI), and Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), the nation’s apex monetary authority, additionally presided over the launch occasion.

This collaboration will even assist the Indian diaspora in Singapore, particularly migrant employees and college students by way of instantaneous and low-cost switch of cash from Singapore to India and vice-versa.

Prime ministers of each international locations had a phone name in reference to the joint digital launch of the PayNow-UPI linkage, an announcement from the Ministry of Foreign Affairs Singapore stated.

The readout stated each the prime ministers reaffirmed the robust, broad-based, and forward-looking relationship between Singapore and India, which is underpinned by frequent high-level exchanges and strong cooperation throughout varied sectors.