New Delhi | India and Singapore have integrated their real-time payments network for the first time to facilitate cross-border financial transactions. It started with a collaboration between India’s UPI and Singapore’s PayNow. Prime Minister Narendra Modi said that this will be a new milestone in India-Singapore cooperation. He added that this cooperation will benefit the citizens of both the countries.
The Prime Minister said that this is a new chapter for economic and technical cooperation at the international level. Modi said that this is a scheme that will benefit overseas Indians, professionals and students for financial transactions.
This scheme enables fast digital transfer of money from India to Singapore through UPI. The project was launched by Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong. Monetary Authority of Singapore MD Ravi Menon also attended the event.