April 23, 2024

News and Analysis

SMEs in Singapore to Use PayNow-UPI for India Dealings

The SICCI has advocated for SMEs in Singapore to use PayNow-UPI in their transactions with India due to its convenience for facilitating digital payments. The cross-border transaction between India-Singapore UPI and Singapore’s PayNow was launched, and it was met with praise by SICCI Chairman Neil Parekh.

Parekh stressed that trade finances would gain a lot from this launch, especially considering the large number of Indian business owners who often travel to Singapore. PayNow-UPI was officially launched in front of Singaporean and Indian Prime Ministers Lee Hsien Loong and Narendra Modi via video conference.

Direct bank-to-bank or e-wallet international retail payments will be cheaper, quicker, and safer, according to a statement issued by the Singapore PM’s Office. Until the end of March 2023, the number of qualified users and transaction limitations for the PayNow-UPI linking service for Singapore clients of Liquid Group and DBS Bank will gradually increase. The service will initially allow money transfers to Indian clients of all partner Indian banks.

 

According to the news reports, SICCI has recognized Triterras FinTech Pte Ltd as a firm that provides trade digitization and working capital financing via Kratos. Triterras provides these services intending to give businesses an advantage over their rivals in the worldwide market. The organization’s mission is to assist its members in reaching their full potential by facilitating the online meeting of SMEs.

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