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India-Singapore expand fintech ties, UPI adds cross border remittance

We missed this earlier. The Monetary Authority of Singapore (MAS) and the Department of Economic Affairs (DEA), Government of India have signed a memorandum of understanding (MoU) to expand fintech ties between the two countries, Retail Banker International reports. Under the terms of the MoU, both countries will set up a joint working group (JWG) which will be co-chaired by MAS deputy managing director Jacqueline Loh and India’s DFS additional secretary Ravi Mital. Prime Minister Narendra Modi's recent visit to south-east Asia state saw a slew of digital payments related partnerships being announced. National Payments Corporation of India (NPCI) has entered into a partnership with Singapore’s domestic payment system operator Network for Electronic Transfers (NETS). This partnership will enable cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS). Additionally, NETS and NPCI created a payment linkage system that will enable anyone with a Rupay card to transact payments at any NETS enabled merchant in Singapore, and conversely for NETS card users to make RuPay acceptance points in India. NETS and NPCI are reportedly also exploring the use of the NPCI's UPI-based payments app BHIM to pay at NETS merchants. SBI Singapore adds UPI An event attended by the PM also saw the launch of UPI based remittance mode for account holders at any State Bank of India's branches in the country. This has been designed to enable migrant workers in Singapore transfer money back home to their families in India. SBI country head in Singapore, Soma Sankara…

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