SINGAPORE, 21 February 2023 –The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) launched the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI).
Liquid Group, non-bank financial institution (NFI), and DBS Group Holdings Ltd. are part of the pioneering batch of the real-time payment systems linkage seeking to strengthen the payment connection between India and Singapore
Residents in Singapore and India will now be able to send and receive instantaneous funds between their bank accounts and e-wallets at low transfer fees.
This milestone is the result of an extensive collaboration between MAS, RBI, and multiple financial institutions, that marks a significant advancement in cross-border payments infrastructure and will create tremendous opportunities for businesses and individuals.
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About Liquid Group
Liquid Group is a Major Payment Institution licensed in Singapore, specialising in cross border payment services for consumers and corporates based across Asia.
It operates XNAP Network, an open API based QR payment acceptance network that enables the cross-border acceptance of bank and non-bank QR payment apps across multiple markets in the region; LiquidNow, a state-of-the-art payment platform providing global payment options at local payment prices for corporate clients; and LiquidPay, the go-to e-wallet for global money remittance services and QR payments with the markets best offered exchange rates.
By spearheading the largest cross-border interoperability framework, Liquid Group is an industry leader in the creation of a more connected and robust mobile payment ecosystem for all.