The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on September 14 announced a project to link their respective fast payment systems to facilitate cross-border money transfer with low cost.
Hanoi (VNA) – The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on September 14 announced a project to link their respective fast payment systems to facilitate cross-border money transfer with low cost.
India uses Unified Payments Interface (UPI) as a fast payment method while Singapore uses the PayNow system. The linkage is target to be operationalised by July next year.
It will be a “milestone in the development of infrastructure for cross-border payment,” the RBI said in a press statement.
The UPI-PayNow linkage will enable users of each system to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system, it said.
UPI supports payments between individuals and between individuals and organisations. It is India's main payment platform and recorded more than 3 billion transactions for the second straight month in August. UPI was launched in 2016 and has seen tremendous growth during the COVID-19 outbreak.
PayNow facilitates peer-to-peer fund transfers, allowing customers to instantly send and receive money from one bank account or e-wallet to another bank account or e-wallet in Singpore via th🧔eir mobile numbers./.
India, Singapore, and Thailand are conducting a trilateral naval exercise, called SITMEX-20, in the Andaman Sea on November 22 and 23, aiming to strengthen cooperation in combat and share experience.
The fifth India-Singapore Defence Ministers Dialogue between Indian Defence Minister Rajnath Singh and his Singaporean counterpart Ng Eng Hen was held via video conference on January 20.
Indian Minister of State for External Affairs and Parliamentary Affairs Shri V. Muraleedharan had a virtual meeting with Singapore’s Senior Minister of State for Foreign Affairs Sim Ann on June 17, during which they discussed measures to boost bilateral strategic partnership.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Illustrative image (Photo: Internet) 
