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KUMARAKOM: National Payments Corporation of India (NPI) MD and CEO Dilip Asbe on Thursday said G20 was a good platform to start conversations on taking UPI and other remittance and payment solutions globally.
“RBI has reached out to many regulators. The India-Singapore corridor is a great example for the world to understand cross border payments. It is possible when governments and two regulators come together and define the framework and define rules and regulations. RBI and the Monetary Authority of Singapore collaboration showed us the way that we can do bank account (transfers) in two different countries and transfer funds in 20 seconds with all compliance and settlement,” he told reporters on the sidelines of the Digital Public Infrastructure session, ahead of the G20 sherpas meet.
The government on Thursday showcased UPI, Aadhaar, Cowin, DIKSHA and DigiLocker as success stories, which can be used by other countries with India offering assistance in implanting them with their open source architecture.
Asbe said talks were underway with several countries on tie-ups that are similar to the Singapore model, with UAE being a focus area, where the visibility was sought to be enhanced.
“It (Singapore) is a great architecture to be a model for bilateral cross border conversations, whether it is payments or remittances. It’s a regulator collaboration. We need to be patient to build these pipes to build these channels,” he said.
“RBI has reached out to many regulators. The India-Singapore corridor is a great example for the world to understand cross border payments. It is possible when governments and two regulators come together and define the framework and define rules and regulations. RBI and the Monetary Authority of Singapore collaboration showed us the way that we can do bank account (transfers) in two different countries and transfer funds in 20 seconds with all compliance and settlement,” he told reporters on the sidelines of the Digital Public Infrastructure session, ahead of the G20 sherpas meet.
The government on Thursday showcased UPI, Aadhaar, Cowin, DIKSHA and DigiLocker as success stories, which can be used by other countries with India offering assistance in implanting them with their open source architecture.
Asbe said talks were underway with several countries on tie-ups that are similar to the Singapore model, with UAE being a focus area, where the visibility was sought to be enhanced.
“It (Singapore) is a great architecture to be a model for bilateral cross border conversations, whether it is payments or remittances. It’s a regulator collaboration. We need to be patient to build these pipes to build these channels,” he said.
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