Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong will witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on Tuesday via video conferencing, the prime minister's office said.

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The launch will take place at 11 am on Tuesday. It will be done by Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS), a statement issued by the prime minister's office said.

Through a tweet, the Reserve Bank of India shared the YouTube link to watch the live launch of UPI and PayNow. The event will be live at https://www.youtube.com/watch?v=IBksvCS3wMk

PM of India @narendramodi and PM of Singapore @leehsienloong to witness launch of #UPI-#PayNow linkage between the two countries by Governor @DasShaktikanta and MD @MAS_sg on February 21, 2023 at 11.00 am.

Live at: https://t.co/HGfgHw9J6s#RBI #RBIGovernor #RBItoday #PMOIndia pic.twitter.com/VYOA6bk4va— ReserveBankOfIndia (@RBI) February 20, 2023

Also Read: Paytm Payments Bank launches UPI LITE — How to avail the service

India has emerged as one of the fastest-growing ecosystems for fintech innovation, the statement said.

Prime Minister Modi's visionary leadership has been instrumental in driving globalisation of India's best-in-class digital payment infrastructure, it said.

A key emphasis of the prime minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well.

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances, the statement said.

It will also help the Indian diaspora in Singapore, especially migrant workers and students, through instantaneous and low-cost transfer of money from Singapore to India and vice-versa, the statement added.

Also Read: Indians can now pay via UPI in these 4 countries

(Edited by : Pradeep John)