New Delhi [India]Feb 20 (ANI): Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong will witness the launch of cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow at 11 am (local time) on Tuesday. through video conferencing.
Reserve Bank of India Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore Ravi Menon will launch the cross-border connectivity.
India has emerged as one of the fastest growing ecosystems for fintech innovation. The Union Finance Ministry on Monday said that the visionary leadership of Prime Minister Narendra Modi has been instrumental in driving the globalization of India’s best-in-class digital payments infrastructure.
One of the major thrusts of the Prime Minister has been to ensure that the benefits of UPI are not limited to India only, but other countries also benefit from it. The ministry said that the integration of these two payment systems will help residents of both the countries to make faster and cost-effective transfers of cross-border remittances. The ministry said this would help Indian expatriates in Singapore, especially migrant workers and students. Instant and low cost money transfer from Singapore to India and vice versa. (ANI)
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