India and Singapore have linked their digital payments systems, to enable instant and low-cost fund transfers between the two nations that amounts to more than $1 billion each year.
The collaboration involves eight banks from Singapore and India, including DBS, Liquid Group, Axis Bank, and State Bank of India. Citizens in each nation can use their local payment systems to send money to those in foreign land in real time, disrupting the flow of over $1 billion annually.
This feature marks India's first cross-border, real-time system linkage and Singapore's second, with participation from non-bank financial institutions. The cloud-based infrastructure allows for expanding utility and facilitates trade and people-to-people links, while India plans to present its digital infrastructure at the ongoing G20 forum.
This collaboration is a significant step towards disrupting the high fees in the space and improving cross-border transactions for millions of people.
With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!
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