Central Banking

MAS and RBI to link up payment systems

asia pacific

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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