- This real-time payment systems linkage was launched on February 21, 2023, between India-Singapore Corridor
India, February 23, 2023: Honourable Prime Minister of India, Shri Narendra Modi, with the Prime Minister of Singapore, Mr. Lee Hsien Loong, launched the real-time payments system linkage between India and Singapore on February 21, 2023. UPI and PayNow (the online payment system of Singapore) will power this linkage. The State Bank of India, the country’s largest lender, is proud to partner in this cross-border facilitation. The facility is offered through SBI’s BHIM SBIPay mobile application. The linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI ID.
The UPI-PayNow linkage is a significant milestone towards development of infrastructure for cross-border payments between India and Singapore. The initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments. The inward bilateral remittance between Singapore and India is around USD 949 Mn as of 2021 (as per World Bank Bilateral Remittance Matrix Dec ‘22).
Shri Shaktikanta Das, Governor, Reserve Bank of India, and Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore executed the first live cross-border transaction. The RBI Governor Shri Shaktikanta Das used BHIM SBIPay for foreign inward remittance.
Commenting on the initiative, Honourable Prime Minister Shri Narendra Modi said, “The linkage of these two payment systems between India and Singapore would enable residents of both countries to initiate a faster and more cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, professionals, students, and workers through an instantaneous and low-cost transfer of money from Singapore to India and vice-versa.”
Mr. Lee Hsien Loong, Prime Minister of Singapore said that “cross-border retail payments and remittances between Singapore and India amount to over USD 1 Bn annually. As we progressively add more users and use cases, the UPI-PayNow linkage will grow in utility and contribute more to facilitating our trade and people-to-people links.”
Shri Dinesh Khara, Chairman, State Bank of India, expressed “We are glad to be associated with this pathbreaking initiative. This will go a long way in boosting the digitization initiatives of the Government and provide easy, seamless cross-border payment facility to the users.”
About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country, which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.00 lakh crore. As on December 30, 2022, the bank has a deposit base of over Rs. 42.90 lakh crore with CASA ratio of 44.48% and advances of more than Rs. 31 lakh crore. SBI commands a market share of 33.3% and 19.4% in home loans and auto loans respectively. SBI has the largest network of 22,381 branches and 65,650 ATMs / ADWMs in India with 70,258 BC outlets. The number of customers using internet banking and mobile banking stand at 111 million and 58 million respectively. With SBI’s digital strategy right on track – the bank witnessed 64% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY22. SBI observed 22,120 new digital savings bank accounts being opened per day via YONO in the quarter ended December 2022. YONO, which has 5.75 crore registered users, witnessed 1 crore plus average daily logins in Q3 FY23. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,050 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.