We are pleased to announce the launch of the PayNow and India’s Unified Payments Interface (UPI) linkage, providing an instant, secure, and direct fund transfer service between the two countries. This milestone initiative was first proposed during PM Narendra Modi’s 2018 visit to Singapore, and the discussion of digital connectivity was further intensified at the India-Singapore Ministerial Roundtable held last year.
We extend our heartfelt congratulations to the Monetary Authority of Singapore (MAS), Reserve Bank of India (RBI), and all stakeholders involved for bringing this vision to fruition. This linkage will enable customers of participating financial institutions* in Singapore and India to send and receive funds between bank accounts or e-wallets across the two countries in real-time. They can do this using just the mobile phone number, UPI identity, or Virtual Payment Address (VPA). The linkage provides customers with a safe, simple, and cost-effective way to make cross-border fund transfers. This represents a significant step forward in strengthening the relationship between the two countries, as we explore and pursue new opportunities for collaboration and growth.
If you are an Indian company seeking to expand into Singapore, this is fantastic news! Incorporating a Singapore Company and establishing a presence in this dynamic and business-friendly city-state has never been easier. Take advantage of Singapore’s status as a regional hub for technology, finance, and business, and tap into the many opportunities available here.
Furthermore, if you are a single-family office, you will be pleased to know that Singapore is home to a thriving family office ecosystem. Singapore has established itself as a hub for wealth management and private banking, and it boasts a range of services that cater to family offices’ unique needs. With its excellent business infrastructure, low tax rates, and stable political environment, Singapore is an ideal location for Indian family offices looking to expand internationally.
We believe that this partnership between PayNow and UPI will continue to spawn innovative technology solutions, creating more cross-border opportunities for our digital economies. Don’t miss out on this chance to expand your business and take advantage of the growing digital economy in Singapore.
Get in touch with IMC today to learn more about incorporating a Singapore company or establishing a Single Family Office in Singapore.
*Singapore participants are DBS and Liquid Group. India participants are Axis Bank, DBS India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India (more institutions will be added gradually).