Singapore and India will soon have 'low cost fund transfers' between banks

The central banks of both countries plan to integrate each others banking services.


Carl Adrian

14 Sep, 2021

Singapore and India will soon have 'low cost fund transfers' between banks | BEAMSTART News

- From our Sponsors -

Singapore and India's central banks have announced plans to link payment services between the 2 countries.

When integrated, users will be able to make instant fund transfers between banks of both countries at significantly lower costs.

Key Highlights

  • Singapore and India aim to complete banking services linkage by July 2022.
  • The linkage includes Singapore's PayNow and India's unified payments interface (UPI).
  • When fully integrated, users will be able to transfer funds between banks of both countries instantly and at significantly lower costs than today.
  • Fund transfers from India to Singapore will use mobile phone numbers, while transfers from Singapore to India will use the UPI virtual payment addresses (VPAs).

Why It Matters

  • Singapore's central bank hopes the linkage will open up new financial opportunities between the two countries, as well as increase remittance volume.
  • International cross-border remittance fees are very costly, and can be especially challenging for the migrant population.
  • While there have been companies such as Wise catering to this need, transfers are still not instant and adoption is still relatively low.

- From our Sponsors -

Latest Jobs

Software Engineer, Product

CodeCrafters

Full Time

USD 1800000 — USD 3600000 yearly

Software Engineer, Developer Productivity

Whatnot

California,

Full Time

USD 185000 — USD 245000 yearly

Backend Engineer (Remote)

Fathom

Full Time

USD 150000 — USD 200000 yearly

Head of People

Stepful

New York,

Full Time

USD 160000 — USD 180000 yearly

Developer Experience Engineer

Recall.ai

California,

Full Time

USD 150000 — USD 180000 yearly

UI Engineer

Netmaker

Full Time

USD 25000 — USD 50000 yearly

Software Engineer (Backend)

Paces

New York,

Full Time

USD 150000 — USD 200000 yearly

LLM Engineer

Spellbrush

California,

Full Time

Salary Undisclosed

Founders Office (CEO's Office) - Product Manager

Explorex

Karnataka,

Full Time

USD 1200000 — USD 1500000 yearly

Senior Frontend Engineer

PermitFlow

New York,

Full Time

USD 150000 — USD 240000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2024 BEAMSTART. All Rights Reserved (Legal).