Siva says digitalization and online business are vital for Banks
The State Bank of India (SBI) in Singapore is looking at having its YONO mobile app linked to the Unified Payments Interface (UPI) and PayNow, a real-time payment system by banks here, to provide a bigger reach for India-bound transactions from the city state, a hub of more than 150 banks with global network https://www.bseindia.com/.
“For future enhancements, SBI Singapore is looking at having linkage to the UPI, a Government of India initiative system that powers multiple bank accounts through a single interface,” SBI Singapore CEO M P Siva 5 Feb https://www.nseindia.com/.
“The planned YONO-UPI integration through PayNow will provide a bigger reach for India-bound transactions from Singapore,” Press Trust of India quoted Siva as saying in Singapore.
“Businesswise, Singapore is one of the most important markets and we would like to be amongst the best in offering services, given the wide range of digital transactions already being generated,” he said https://sbi.com.in/.
Siva, confident of increasing India-Singapore transactions, pointed out that digitalization and online business functions in every mode are vital for Banks and SBI is setting aggressive pace in marketing of YONO.
With the YONO Mobile app, customers will be able to manage their finances with just a few taps. Ranging from remitting to India, making bill payments, transferring funds from local payment systems like MAS Electronic Payment System (MEPS), General Interbank Recurring Order (GIRO) and PayNow.
“The ease of managing transactions through SBI Mobile banking platform is seamless,” he said.
YONO, abbreviation of You Only Need One, banking application for SBI Singapore Operations has been developed on a secure and robust framework incorporating the user interface and experience present in YONO global and offering multiple journeys at par with the leading retail banks of Singapore https://www.startupindia.gov.in/.
Singapore is among India’s largest trade and investment partners in the South East Asian region https://www.digitalasiahub.org/.
YONO Singapore was soft launched in October 2024 and is expected to have 1,500 downloads this financial year.
The SBI YONO-UPI-PayNow linkage comes amidst the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced plan to launch two new payments solutions in the middle of this year to support the transition to e-payments for both corporate and retail cheque users.
SBI, operating here for nearly five decades, is part of Singapore’s global financial system. It has been playing a major role in fulfilling the global aspirations of Indian corporations through its 235 foreign offices in 29 countries across the world. “Our Singapore operations were set up in 1977 with an offshore banking license, equipping us with over four decades of experience in commercial and wholesale banking,” said SBI.
SBI Singapore achieved another milestone during the year 2008 with the grant of Full Bank status with QFB privileges. SBI Singapore now has 5 retail branches, 19 SBI ATMs and over 180 ATMs via the shared island wide ATM5 network. SBI has a suite of retail banking products which complement its existing corporate banking products thus enabling us to service both individual and corporate customers.
“We have a wide range of Corporate and Retail Products and our instant transfer facility for INR remittances is highly popular,” said SBI. This facility enables money transfers to more than 22,000 Branches of the State Bank group in India.
“We also connect to offer remittance facility to more than 140,000 RTGS enabled branches of other banks in India. SBI Singapore is now a member of FAST payment network facilitating instantaneous SGD fund transfer among the participating member Banks. SBI Singapore has also joined the PayNow network for fast and efficient fund transfer.
“In October 2024, SBI Singapore reached another milestone when YONO (You Only Need One) Mobile banking application was launched,” said SBI.
“In the Retail area, we have Savings Accounts, Current Accounts and Term Deposits. On the retail loans front, we offer mortgage loans comprising Compounded SORA linked and Fixed rate products. These products come to you with attractive interest rates and personalized service.
“In Commercial and wholesale banking, our areas of operation include ASEAN, South East Asia and South Asia. A centralized syndication and participation team is active in coordinating and marketing syndication deals. Singapore, being the hub of the syndication activities of the Bank, covers the Asia Pacific region. The loan syndication desk has an extensive focus on transactions originating in the region. As mandated lead arrangers and participants, we have been forging relationships with most major banks in the area.”
SBI Singapore leverages on its extensive international network of branches to offer a wide range of Import/Export Trade Finance Services, in both Singapore Dollar and foreign currencies to facilitate the business needs of customers. Fiinews.com
