India: Launched Singapore-India real-time payment system

On 21 February 2023, the Reserve Bank of India and the Monetary Authority of Singapore announced the implementation of the linkage between Singapore's "PayNow" and India's "Unified Payments Interface" (UPI), which will allow customers from both jurisdictions to send and receive funds between bank accounts or e-wallets. The PayNow-UPI linkage is the first real-time payment systems linkage to use a scalable cloud-based infrastructure and the first linkage to feature a non-bank financial institution as a participant. The linkage will offer customers a safe, simple, and cost-effective way to transfer cross-border funds based on the interoperability of the payment system between the two jurisdictions.