India and Singapore have agreed to link their instant payment systems for enhanced cross-border payments and remittances which currently stand at $1 billion annually.
SGDINR is down +0.17%
The Reserve Bank of India reiterated that the agreement will boost travel, trade, and flow of remittances between the two Asian countries.
India’s Unified Payments will be linked to Singapore’s PayNow system by July 2022 to allow low-cost transfers from user’s systems.
In 2017, an estimated $900 million worth of remittances moved from Singapore to India, while Indian tourists in Singapore spent roughly $200 million.