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Singapore links digital payments with India after Thailand

Prime Ministers Lee and Modi laud connection of finance infrastructure

The new Singapore-India payment link is set up to allow real-time virtual transfers of money across borders in seconds, and has been billed as a means to reduce the cost and inefficiencies of remittances between both countries.   © Reuters

SINGAPORE -- Singapore on Tuesday launched a new digital payments connection with India, following similar plans made previously with Thailand and Malaysia as the Asian finance hub strives to become a regional nexus for transactions worth billions of dollars.

The initiative, backed by the Monetary Authority of Singapore and the Reserve Bank of India, links Singapore's PayNow digital payments infrastructure with India's Unified Payments Interface.

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