SIN MAS, IND RBI Payments Linkage

On Sep. 14, SIN MAS, IND RBI announced payment systems link.

  • SIN MAS and IND RBI announced plans to link Singapore's PayNow and India's unified payments interface (UPI) real-time payment systems by Jul. 2022.
  • Payment Systems Linkage
  • The PayNow-UPI linkage will enable users to make instant, low cost fund transfers directly from one bank account to another between Singapore and India.
  • When in operation, fund transfers can be made from India to Singapore using mobile phone numbers, from Singapore to India using a UPI virtual payment address (VPA).
  • Transfer to a UPI VPA will be similar to that of a domestic transfer to a PayNow VPA.
  • Will enable increased remittance traffic, multi-entity participation, automation of capital control rules, more comprehensive digital connectivity and interoperability.
  • Aligns with G20’s drive for faster, cheaper, more transparent cross-border payments.

Regulators IND RBI; SIN MAS
Entity Types Bank; Depo; MSB
Reference PR, 9/14/2021
Functions Financial; Operations; Settlement
Countries India; Singapore; Cross-Border
Products Banking; Cards; Clearing; Deposits; Payments
Regions AP
Rule Type Guidance
Rule Date 9/14/2021
Effective Date 9/14/2021
Rule Id 115749
Linked to
Reg. Last Update 9/14/2021
Report Section International

Last substantive update on 09/14/2021