UPI-PayNow to be linked soon, says High Commissioner
Singapore is India’s largest source of FDI in recent years, accounting for US$135 billion led by over 440 companies operating in the Indian market, High Commissioner Periasamy Kumaran said at the 74 Republic Day reception on 25 Jan 2023 at the Shangri La hotel.
Over 8,000 Indian companies are registered in Singapore, and India’s Unified Payment Interface (UPI) will soon be linked to city state’s PayNow fund transfer system, the envoy told some 900 diplomats and dignitaries invited to the reception.
“The exciting start-up environments in India and Singapore are also actively engaging with each other.”
Elaborating, he pointed out that defence cooperation is also an important facet of the India-Singapore bilateral partnership with regular institutionalised dialogues, exchange of visits, joint exercises, robust cooperation in the areas of training and logistics, and mutual participation in defence expos.
Cultural linkages between India and Singapore span the millennia. “The long and unique history of people-to-people connections contributes to the vitality of our bilateral economic and political relationship.
“We hope to develop these further and engage the younger generation on both sides in the coming years,” said Kumaran.
As the world enters a phase of multiple global disruptions and transitions, and growing pressure on the rules-based order, the imperatives for the India-Singapore strategic partnership are stronger than ever before, said the High Commissioner. fiinews.com
