The Unified Payment Interface (UPI) of India and its similar network in Singapore, PayNow, will soon be integrated, according to the Monetary Authority of Singapore, which will result in a 10 per cent reduction in remittance costs, according to a PTI report.
The government seeks to reduce the risks of a financial or geopolitical scenario in which traditional payment channels are disrupted by creating a worldwide UPI ecosystem as a bigger strategy based on the geopolitical unrest seen in recent times.
Under the current rules, a Foreign Portfolio Investor(FPI) who is based out of overseas jurisdictions like Singapore, can shift base to IFSC and avail various tax sops available to the investors based out of IFSC.