India has emerged as one of the fastest-growing ecosystems for fintech innovation. (Representational)
Singapore's High Commissioner to India, Simon Wong on Monday said that the launch and linkage of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore is a "milestone initiative".
"As India's 1st first cross-border real-time payment partner, this milestone initiative reflects the deep trust between both countries and will take the bilateral relationship to even greater heights. We look forward to continue to be part of India's digital transformation journey," said Simon Wong.
Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong will witness the launch on February 21, 2023, at 11 AM (IST) via video conferencing, read Prime Minister's Office press release.
RBI Governor Shaktikanta Das and Ravi Menon, Managing Director, Monetary Authority of Singapore, will launch the launch.
The linkage of these two payment systems will enable residents of both countries to transfer cross-border remittances faster and more cost-efficient. 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.
India has emerged as one of the fastest-growing ecosystems for fintech innovation.