India and Singapore to Launch Real-time Payment Systems Linkage on 21 Feb 2023

· Cross-border Connectivity to be Launched between UPI of India and PayNow of Singapore

· Linkage of these Two Payment Systems to Enable Faster and Cost-efficient Transfer of Money

· Will help the Indian Diaspora in Singapore in Transfer of Money from Singapore to India and Vice-Versa

Prime Minister Narendra Modi and Prime Minister of Singapore, Mr. 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 Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS).

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. 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.