India's UPI, Singapore's PayNow Services To Be Linked Today

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.



from NDTV News-India-news https://ift.tt/10jqtuV

Comments

Post a Comment

Thanxx For Visit Our Blog

Popular posts from this blog

Top Court Reserves Order On Maharashtra MP's Plea In Caste Certificate Case

The Supreme Court on Wednesday reserved its verdict on Lok Sabha MP Navneet Kaur Rana's plea challenging the Bombay High Court verdict cancelling her caste certificate. On June 8, 2021, the high court had said the 'Mochi' caste certificate was obtained fraudulently using fabricated documents. It had also imposed a fine of Rs 2 lakh on the Amravati MP. It said the records indicated that she belonged to the 'Sikh-Chamar' caste. A bench comprising justices JK Maheshwari and Sanjay Karol reserved its judgement on the plea of the independent lawmaker who represents Maharashtra's Amravati constituency that is reserved for scheduled castes. The top court had earlier stayed the high court verdict cancelling Rana's caste certificate. Rana, backed by the Nationalist Congress Party (NCP), won from Amravati in 2019 while claiming she was a member of the 'Mochi' caste. A division bench of the high court had asked Rana to surrender the certificate within six
Read more

Citizenship Amendment Act Final Draft Likely By March-End: Union Minister

Union Minister of State for Home Ajay Mishra on Sunday said that the final draft of the Citizenship (Amendment) Act or CAA is expected to be ready by March 30 next year. The BJP MP from Uttar Pradesh, while addressing a gathering of the Matua community at Thakurnagar in North 24 Parganas district, asserted that nobody can snatch citizenship rights from Matuas, who had fled religious persecution in Bangladesh. "The process to roll out CAA has gained momentum in the last couple of years... some issues are being sorted out. Nobody can snatch citizenship rights from the Matuas. By March next year, the final draft of the CAA is expected to be ready for coming into force," he said, sharing dais with local BJP MP and Union minister Santanu Thakur. The CAA seeks to grant Indian citizenship to Hindus, Sikhs, Buddhists, Jains, Parsis, and Christians from Afghanistan, Bangladesh and Pakistan entering India before December 31, 2014. Reacting to the claim, Trinamool Rajya Sabha MP San
Read more

Kerala Man, Working As Operator In UAE, Wins ₹ 45 Crore In Lottery

It was a dream come true for at least five Indians living in cities across the UAE when they either won weekly draws or lotteries, the latest one being a control room operator who won a whopping Rs 45 crore. Indians, most of them coming from the middle class or lower middle class, have been participating in large numbers in these lotteries, and a significant number of them have won big money over the last few years. The control room operator in the oil and gas industry was identified as Sreeju, who won the Dh 20,000,000 (approximately Rs 45 crore) Mahzooz Saturday Millions, according to the announcement of the 154th draw held on Wednesday. Hailing from Kerala, Sreeju, 39, has been living and working in Fujairah, about 120 kilometers east of Dubai, for the past 11 years. After the news of his incredible win reached him while he was at work, he said he was "speechless, shocked, and surprised" to know that he had won not just a prize but the top prize. "I was in my car a
Read more