Business sans Borders MoU
In an all-out campaign to capture the global markets, a pilot launch of acceptance of BHIM-UPI based QR payments was demonstrated by carrying out a live transaction at a merchant terminal at Singapore Fintech Festival 2019 on 14 Nov 2019.
The High Commissioner of India to Singapore, Jawed Ashraf, demonstrated the first transaction under the pilot, running for the duration of the Festival held 11-15 November 2019.
This QR based payment system would allow anyone with a BHIM app to scan the SGQR at NETS terminals in Singapore, said the High Commissioner.
“This is the first time that BHIM app has gone international,” he added.
The project is being jointly developed by National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore.
It is targeted to go fully live by February 2020 and will cover thousands of terminals in Singapore after Reserve Bank of India approval.
By February 2020, it is also expected that all RuPay cards, including domestic ones, will be acceptable in Singapore, said the High Commission.
This is another achievement for fintech cooperation between India and Singapore, after the launch of RuPay International card and SBI’s UPI based remittance app, in May 2018, by Prime Minister, Narendra Modi, who had then also suggested the launch of BHIM QR based payments internationally, said the Commission.
The High Commissioner also witnessed the signing of an MOU between Trade promotion Council of India (TPCI) and Monetary Authority of Singapore (MAS) for working towards access of TPCI dashboard to Business sans Borders (BSB).
BSB, a project conceived by MAS and Singapore’s Infocomm Media Development Authority (IMDA), is a hub for connecting trade platforms of SMEs. BSB is currently running a pilot with SMEs in South East Asia and India.
Once fully rolled out, it will allow millions of SMEs across the region to reach a wider market domestically and internationally and access ancillary services like credit facilities, insurance, logistics and legal/professional services, said the High Commission.
The Confederation of All India Traders, which counts 70 million traders in India as its members, is already connected to BSB through a platform provided by Mastercard-GlobalLinker Program.
The Indian contingent at the Singapore Fintech Festival 2019 is one of the largest, with participation of 43 companies and start-ups. fiinews.com
