New Delhi, Feb 20,2023: Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong will witness the launch of cross-border connectivity between the unified payments interface (UPI) of India and PayNow of Singapore on Tuesday via video conferencing.

The launch will be done by RBI Governor Shaktikanta Das and Ravi Menon, managing director of Monetary Authority of Singapore.

India has emerged as one of the fastest-growing ecosystems for fintech innovation.

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.