India

Singapore: PM Modi, Singapore prime minister to launch online payment system between nations | India News



NEW DELHI: PM Narendra Modi and his Singapore counterpart Lee Hsien Loong will virtually witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore Tuesday.
The launch will be done by Shaktikanta Das, governor, RBI, and Ravi Menon, MD, Monetary Authority of Singapore, said the government, adding India has emerged as one of the fastest-growing ecosystems for fintech innovation.
“PM 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 PM has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it,” it said.
The linkage of the payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances.


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