Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong will witness the release of cross-border connectivity among the Unified Payments Interface (UPI) of India and PayNow of Singapore on February 21 morning, Union finance ministry stated. The occasion will take location at 11am (IST) thru video conferencing, it stated in a statement.
Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) dealing with director Ravi Menon will release the cross-border connectivity, it stated.
India has emerged as one of the fastest-developing ecosystems for fintech innovation. Prime Minister Modi`s visionary management has been instrumental in riding globalisation of India`s best-in-elegance virtual charge infrastructure, it stated.
“A key emphasis of the Prime Minister has been on making sure that the blessings of UPI aren’t restricted to India only, however different international locations too advantage from it,” it stated. The linkage of those charge structures could permit citizens of each international locations in quicker and fee-green switch of cross-border remittances, it added.
It can even assist the Indian diaspora in Singapore, specially migrant people and college students thru instant and coffee fee switch of cash from Singapore to India and vice-versa, it stated.
