SINGAPORE: Singapore and India on Tuesday launched a real-time link to facilitate cross-border fund transfers between bank accounts or e-wallets, using mobile phones.
"The linkage provides customers with a safe, simple and cost-effective way to make cross-border fund transfers," said the Monetary Authority of Singapore in a media release. In India, four banks - State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank - will facilitate both inward and outward remittances to begin with, while Axis Bank and DBS India will facilitate inward remittances.Screenshot of fund transfers via DBS Bank and LiquidPay apps.
"The PayNow-UPI linkage will offer cheaper, faster and safer cross-border retail payments and remittances, for businesses and individuals alike, directly between bank accounts or e-wallet," he added. Mr Modi noted that the linkage will help migrant workers, professionals, students and their families.
Growth
hope such arrangements will be made available with Indonesia, Philippines too for foreign domestic workers and employers
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