New Delhi, Feb 21 (Agency) Prime Minister Narendra Modi on Tuesday termed it a special day for India-Singapore friendship and for their efforts to deepen collaboration in FinTech and innovation as the two countries linked their real-time digital payments systems. Prime Minister Modi and Singapore Prime Minister Lee Hsien Loong witnessed the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore via video conferencing. PM Modi said in a tweet: “Today is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovation. The participation of my friend, PM @leehsienloong made this morning’s programme even more special.” The launch ceremony took place at 11 am (IST) with Shaktikanta Das, Governor of Reserve Bank of India, and Ravi Menon, Managing Director, Monetary Authority of Singapore, making live cross-border transactions to each other using their respective mobile phones.
Singapore Prime Minister Lee in a tweet said: “Delighted to launch the linkage between PayNow & India’s Unified Payments Interface (UPI) with PM @narendramodi today! Congratulations to @MAS_sg, @RBI & all the stakeholders in Singapore & India who have helped make the linkage a reality.” In a Facebook post, PM Lee said that thanks to the linking of the digital payments systems “Individuals and businesses in Singapore and India can now transfer funds instantly, securely and directly from their accounts to each other.” He said the PayNow-UPI linkage “was first conceived in 2018 during PM Modi’s visit to Singapore. Digital connectivity was also discussed at the inaugural India-Singapore Ministerial Roundtable (ISMR) last September.” He congratulated the Monetary Authority of Singapore and the Reserve Bank of India, and all other stakeholders in Singapore and India who helped make the linkage a reality. “I am confident the strong partnership between Singapore and India will continue to spawn innovative technology solutions and create more cross-border opportunities for our digital economies,” he said.
Earlier, PM Modi termed the development a new milestone in India-Singapore relations. In his address at the launch, he said the friendship between both nations is very old, and has withstood the test of time. “Our people-to-people relations have been its mainstay,” PM Modi said. “From today onwards, people in India and Singapore will be able to transfer money from their mobile phones in the same way as they do within their own countries,” he said. PM Modi said the Digital India campaign has also made possible unprecedented reforms in governance and public service delivery, which was also seen during the Covid pandemic when the government was able to transfer money directly to the bank accounts of crores of people. He said that India is today among the leading countries in the realm of real time digital transactions, and that UPI has become the most preferred payment mechanism in India. MEA spokesperson Arindam Bagchi in a tweet termed it a landmark in India-Singapore digital partnership. “This is the 1st such launch of cross border person to person payment facility for India,” he said.
The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister Modi thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India’s G20 Presidency. Singapore is the first country with which cross border Person to Person (P2P) payment facility has been launched. This will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore, a statement said.