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24th February 2023 (7 Topics)

Safe across borders

Context:

  • India and Singapore have recently announced to link their payment apps, namely UPI and PayNow which will allow instantaneous and low-cost money transfers between the two countries and is set to ease financial transactions for the Indian diaspora.

Need to diversify:

  • To link cross-border citizens: The linkage marked the start of a cross-border link for real-time person-to-person money transfers between South Asia’s largest economy and its littoral neighbour across the Malacca Strait.
  • To facilitate payment for Indian Diaspora: A sizeable Indian diaspora with thousands of migrant workers employed in Singapore’s construction industry, marine shipyard and services sectors.
  • To enhance currency exchange: The link now enables individuals wishing to remit either Singapore dollar (SGD) or Indian rupee funds for the ‘maintenance of a relative’ or as a ‘gift’ to transfer the money seamlessly using the UPI at the Indian end and the PayNow app at the Singapore end.
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