New Delhi, Feb 20 (KNN) India’s Unified Payments Interface (UPI) and PayNow of Singapore will jointly launch a cross-border connectivity on February 21, 2023.

Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong would witness the launch via video conferencing.  

The launch will be done by Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS).

The linkage of these two payment systems would enable residents of both countries in faster and 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.  (KNN Bureau)