Residents of Singapore can now transfer money to India using the Unified Payments Interface (UPI). Indian Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong will launch cross-border connectivity between UPI and PayNow of Singapore.
The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances.
“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,” the Prime Minister’s Office said in a release.
India has emerged as one of the fastest-growing ecosystems for fintech innovation.
