India boosts financial links with Singapore as the bigger nation seeks inward investment for rapid climate transition.
Regional carbon trading will probably expand before global trading does.
India Prime Minister’s Office:
Prime Ministers of India and Singapore to witness the launch of Real-time Payment Systems Linkage between the two countries on 21st February
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
Posted On: 20 FEB 2023 12:52PM by PIB Delhi
Prime Minister Shri 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 Shri 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.