February 29, 2024

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Singapore, India Link National Real-Time Digital Payment Facilities

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) have linked Singapore’s PayNow and India’s Unified Payments Interface (UPI). According to a press release, customers of eligible financial institutions in Singapore and India will be able to transfer funds between bank accounts or e-wallets in real-time across both countries.

Users can transfer money using a mobile phone number, UPI identity, or Virtual Payment Address (VPA). The connection offers customers a safe, simple, and cost-effective way to make cross-border fund transfers. The launch was officiated by the Prime Minister of Singapore, Lee Hsien Loong, and the Prime Minister of India, Narendra Modi.

The PayNow-UPI linkage is the first-ever real-time payment systems linkage to use a scalable cloud-based infrastructure that can handle future increases in the volume of remittance traffic. It is also the first linkage to have a non-bank financial institution as a participant.

Under a phased approach, the service will be made available to Singapore customers of two selected banks. Till March-end 2023, these institutions will progressively increase the number of eligible user groups and transaction limits.

Indian customers of all participating Indian banks will be able to receive funds through the service from the onset. Sending of funds is limited to customers of four Indian banks at the time of launch, including the State Bank of India, with this scope to be gradually expanded.

The involved financial institutions will make sure that the service is affordable and easily accessible, even for foreign students and workers residing in Singapore and India. As a result, they will be able to conduct low-cost cross-border remittances to and from their home countries.

The linkage incorporates the automatic integration of capital control regulations to enhance efficiency. MAS and RBI will evaluate and gradually expand the linkage by adding more participating financial institutions and expanding applicable use cases.

Extensive collaboration among MAS, RBI, payment system operators, payment scheme owners, participating banks, and non-bank financial institutions led to the creation of the PayNow-UPI linkage. This linkage is a significant achievement in improving the infrastructure for cross-border payments and aligns with India’s G20 Presidency priorities to enhance the speed, accessibility, transparency, and affordability of cross-border payments.

Earlier this month, the Indian Minister for Electronics and Information Technology, Ashwini Vaishnaw, launched the Digital Payments Utsav, a comprehensive campaign to promote digital payments across India. As OpenGov Asia reported, the Digital Payments Utsav aims to showcase India’s journey of digital transformation, with a series of events and initiatives to be held over the next few months.

The focus of the campaign will be on promoting digital payments in the country, specifically in Lucknow, Pune, Hyderabad, and Bengaluru. The campaign is expected to bring together stakeholders, including the government, industry, and citizens, to drive the growth of the digital economy and promote financial inclusion.

Over the last three years, digital payment transactions have registered unprecedented growth in India. Easy and convenient modes of digital payment, such as UPI, Immediate Payment Service (IMPS), pre-paid payment instruments (PPIs), and National Electronic Toll Collection (NETC) system have registered substantial growth and have transformed the digital payment ecosystem by increasing person-to-person and person-to-merchant payments in India.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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