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On February 21, 2023, at 11 AM (IST), Prime Minister Shri Narendra Modi and Prime Minister of Singapore, Mr. Lee Hsien Loong, will witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore via video conferencing. Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), and Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), will jointly launch the event.
India has made significant strides in fintech innovation, and the country’s digital payment infrastructure, the UPI, is one of the best in the world. Prime Minister Narendra Modi has been instrumental in driving the globalization of India’s digital payment infrastructure, with a particular emphasis on making the benefits of the UPI available to other countries. The integration of these two payment systems will allow residents of both India and Singapore to transfer cross-border remittances faster and more cost-efficiently. Additionally, the Indian diaspora in Singapore, especially migrant workers and students, will benefit from instant and low-cost money transfers from Singapore to India and vice versa.
The cross-border connectivity between the UPI and PayNow will be a significant step towards strengthening the economic ties between India and Singapore. The integration of the two payment systems will also facilitate business and trade between the two countries, making it easier for businesses to make payments and receive payments from their counterparts in the other country.
The launch of this initiative reflects the growing cooperation between India and Singapore in the area of digital finance. Both countries have been at the forefront of promoting innovation and digitalization in financial services, and the integration of their payment systems is a testament to their commitment to making cross-border payments faster, cheaper, and more efficient.
The launch of the cross-border connectivity between the UPI and PayNow will undoubtedly mark a significant milestone in India’s journey toward becoming a leader in the digital payment space. With the Prime Ministers of both countries presiding over the launch, it underscores the strategic importance that both countries place on the integration of their payment systems. The initiative is expected to pave the way for more collaborations between the two countries in the fintech space, benefiting not only their respective economies but also the broader global economy.
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