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FINANCIAL SERVICES | Staff Reporter, Singapore

Singapore and India speed up cross-border payments

Indian nationals can transact through Ru-pay in Singapore.

Singapore and India are pushing for an enhanced integration of the countries’ e-payment systems by allowing Ru-Pay card holders to use their cards to make electronic payments at Network of Electronic Transfers (NETS) merchants in Singapore, trade relations minister-in-charge S Iswaran said.

Ru-pay is an Indian domestic card launched by the National Payments Corporation of India (NPCI).

The integration will be facilitated through the collaboration of NETS and India's NPCI.

During a business event held in Singapore, the official commented that the initiative is one way that Singapore companies continue to contribute to India’s digitalisation in niche areas like e-payments security, smart city management, and e-commerce.

“I am happy to share that we have been working closely to develop a Singapore-India Innovation Network, which aims to establish a series of innovation corridors between the vibrant technology ecosystem in Singapore and key innovation nodes within India,” Iswaran added.

Part of the programme is the deal with Enterprise Singapore that will help Singapore startups to access the India market more easily.

“Similarly, the programme will facilitate Indian startups’ entry into Singapore’s ecosystem, and encourage them to use Singapore as a base to access the wider ASEAN market,” he said.

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