Mr. Narendra Modi, the Prime Minister of India and Mr. Lee Hsien Loong, the Prime Minister of Singapore, would witness the launch of cross-border connectivity.
On the 21st of February, at 11:00 A.M., the Unified Payments Interface (UPI) of India and PayNow of Singapore would be launched as a digital online payment system linking the two nations. The event would be held virtually, said the Union Finance Ministry.
Governor Shaktikanta Das of the Reserve Bank of India (RBI) and Mr. Ravi Menon the Managing Director of the Monetary Authority of Singapore (MAS,) would launch the cross border connectivity.
In a statement, the Ministry of External Affairs 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.”
Furthermore, with the linkage of these two payment systems, residents of both the countries would be able to do transactions faster and cost efficiently. It would 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.
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