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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.


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

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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.

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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.

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