MAS and RBI to link up payment systems
New linkage will allow for automation of capital controls, say authorities
The Monetary Authority of Singapore and the Reserve Bank of India plan to link their real-time payment systems by July next year, the central banks announced on September 15.
The linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI) would enable instant and low-cost fund transfers, the authorities said.
Singapore has been active in expanding cross-border linkages. The country connected its payments system with Thailand’s PromptPay in April.
Under the latest linkage
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