NEW DELHI: Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong will witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on February 21 morning, Union finance ministry said.
The event will take place at 11am (IST) via video conferencing, it said in a statement.
Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon will launch the cross-border connectivity, it said.
India has emerged as one of the fastest-growing ecosystems for fintech innovation. Prime Minister Modi’s visionary leadership has been instrumental in driving globalisation of India’s best-in-class digital payment infrastructure, it said.
“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,” it said.
The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances, it added.
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, it said.