The launch of cross-border connectivity between Singapore’s ‘Unified Payments Interface (UPI)’ and ‘PAYNOW’ via video conference between Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong. During this, Prime Minister Narendra Modi said that the friendship between India and Singapore has been successfully tested over time and the reason behind this friendship is our people-to-people contact.
PM Modi said, I congratulate the people of Singapore and India on this occasion of association between UPI of India and PayNow of Singapore. The friendship between India and Singapore is very old and has always stood the test of time. The launch of UPI and PayNow link today is a much awaited gift for the citizens of both the countries. I congratulate you very much for this.
He further said that technology connects people in many ways, similarly fintech does the same but it is generally confined within the borders of a country. However, today’s launch opens a new chapter in cross-border fintech connectivity.
PM Modi told that after today the people of Singapore and India will be able to transfer money from their mobile phones in the same way as they used to do in their respective countries. This facility will especially benefit our overseas brothers and sisters, students, professionals and their families. This linkage will provide a low-cost real-time payment option to the people of both the countries and increase remittances. This will benefit students, professionals, NRIs and their families the most Five years ago I had said in Singapore itself that – Fintech is a big celebration of innovation and faith in young energy. India’s success in fintech and digital revolution is being led by our technically proficient youth.
He further informed that thousands of Indian startups are leading the fintech sector and that is why leading the world in real-time payments.
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