Calling India a powerful chief in IT and fintech sector, Minister of Trade and Industry Singapore Gan Kim Yong stated that Singapore is to discover alternatives and collaborate collectively on this sector with India. He made this remark after the current cross-border real-time cost programs linkage of India’s UPI and Singapore’s PayNow linkage between the 2 international locations.
In what’s a first-of-its-kind collaboration with one other nation, India and Singapore final month linked their respective on-line funds programs — Unified Payments Interface (UPI) of India and PayNow of Singapore — for seamless cross-border transactions between the 2 international locations.
The linkage of those two cost programs of each international locations would allow residents of each international locations to the quicker and extra cost-efficient switch of cross-border remittances. People in each international locations will be capable to ship cash in real-time through QR-code based mostly or just by coming into cellular numbers linked to the checking account.
“India has a very strong leadership, knowledge, skills, and innovation in IT and in Fintech as well. This is an area where we are very interested to explore opportunities and collaborate together. UPI and PayNow system, a great venture that we embarked together and this I hope will be the start of many partnerships with other countries as Singapore and India can lead the way in the integration of the payment system”, stated the Minister in an interview to ANI.
The cross-border real-time cost programs linkage between Singapore and India was launched earlier in digital presence of Reserve Bank of India (RBI) governor Shaktikanta Das, and Ravi Menon, managing director of the Monetary Authority of Singapore, Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong.
India has emerged as one of many fastest-growing ecosystems for fintech innovation and the PM Modi-led Government has been instrumental in driving the globalisation of India’s digital cost infrastructure.
Calling the linkage as an necessary growth, Mr. Yong added that his nation can be in search of collaboration in areas like Education, Sustainability and Skill degradation. ”This was streamlined between two international locations and it is a essential growth within the fintech trade. We actually look ahead to extra alternatives to collaborate in Fintech in addition to many different areas of curiosity in Education, ability upgrading, in sustainability and these are all alternatives which are rising and we’re wanting ahead to our partnership with India”, he stated.
The Trade Minister is in Delhi for the launch occasion of the third version of the Singapore-India Hackathon (SIH) 2023 that NTU is taking the result in organise with the High Commission of The Republic of Singapore in New Delhi as a key accomplice.
SIH 2023 is organised as a follow-up of the assembly between Singapore Deputy Prime Minister (DPM) Lawrence Wong with the Indian Prime Minister Narendra Modi in September 2022 throughout DPM’s go to to New Delhi.SIH 2023 shall be held as a particular initiative in India as a part of the G20 to assist additional constructing goodwill and bilateral schooling cooperation in innovation and entrepreneurship between start-ups and college students in Singapore and India.
Speaking about his go to and Singapore-India Hackathon, the Minister stated that it is extremely necessary because it brings collectively younger individuals from each international locations by way of main concepts and innovation.
”India is an important buying and selling accomplice for Singapore. I’m right here to satisfy my counterpart in addition to to take part within the varied actions. This Hackathon is essential because it brings collectively younger individuals from each international locations particularly those that are inspiring us as entrepreneurs, to allow them to come collectively by way of concepts, innovation and this fashion we forge friendships and partnerships between India and Singapore younger individuals and hopefully this fashion we will encourage extra entrepreneurship to encourage progressive concepts and this is essential for the enterprise of the longer term,” he added.
Source: www.thehindu.com