{"id":4076,"date":"2018-06-06T16:21:34","date_gmt":"2018-06-06T21:21:34","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4076"},"modified":"2022-02-24T22:15:53","modified_gmt":"2022-02-24T22:15:53","slug":"india-and-singapore-collaborating-to-expand-fintech-in-region","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/global\/india-and-singapore-collaborating-to-expand-fintech-in-region\/","title":{"rendered":"India and Singapore Collaborating to Expand FinTech in Region"},"content":{"rendered":"

The government of India \u2013 known for its support of digital payments \u2013 is expanding the country\u2019s electronic payment platforms beyond its borders.<\/strong><\/p>\n

During a visit to Singapore last week, India\u2019s Prime Minister Narendra Modi launched three of the country\u2019s mobile payments apps \u2013 BHIM, RuPay and an app from the State Bank of India (SBI) \u2013 at a business event, according to the Economic Times<\/a>.<\/p>\n

With the new introductions, India\u2019s RuPay app is connected to Singapore\u2019s NETS network, enabling RuPay payments at NETS acceptance points throughout Singapore, the ET article said.<\/p>\n

The SBI\u2019s Singapore branch also launched a new capability enabling app-based remittances to India from Singapore through India\u2019s United Payment Interface (known as UPI).<\/p>\n

During Modi\u2019s visit, India\u2019s Department of Economic Affairs and the Monetary Authority of Singapore also announced a joint working group that would promote \u201ccooperation in financial innovation\u201d between Singapore and India.<\/p>\n

\u201cA digital revolution, anchored on the biometric identity of a billion plus people, is sweeping through India. It has prompted financial inclusion, digital payments and innovation on an extraordinary scale,\u201d Jawed Ashraf, High Commissioner of the Republic of India to Singapore, said in a press release.<\/p>\n

\u201cSingapore, a global financial hub, has emerged as a leading centre for FinTech. Our partnership will not only support our two nations\u2019 progress in FinTech, but also help drive our international competitiveness and success in this area. The JWG [joint working group] on FinTech demonstrates our willingness to seize new opportunities for collaboration,\u201d Ashraf said.<\/p>\n

Government-supported apps have been a significant part of India\u2019s strategy to increase digital transactions within its own borders, which has included not only the dramatic step of demonetization, but also economic incentives and efforts to expand access to technology.<\/p>\n

The government of Singapore has also expressed support for growing electronic transactions. Technology companies including ride-hailing app Grab \u2013 which is based in Singapore \u2013 and Chinese PF Alipay are offering services in the emerging digital transaction market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government of India \u2013 known for its support of digital payments \u2013 is expanding the country\u2019s electronic payment platforms beyond its borders.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[3,8],"tags":[35,96,229,303,363,401,802],"class_list":["post-4076","post","type-post","status-publish","format-standard","hentry","category-global","category-technology","tag-alipay","tag-bhim","tag-digital-payments","tag-fintech","tag-grab","tag-india","tag-singapore"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4076"}],"version-history":[{"count":5,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4076\/revisions"}],"predecessor-version":[{"id":8248,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4076\/revisions\/8248"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4076"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}