On November 11, 2019 the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Singapore Fintech Association (SFA) signed a Memorandum of Understanding (MoU) for cooperation for development of fintech technology in both the nation. The MoU was signed during the Fourth edition of Singapore Fintech Festival, the world’s largest financial technology platform along with Singapore Week of Innovation and Technology conducted from November 11-13, 2019 in Singapore.
BHIM goes international:
At the festival, soft launch was scheduled for the acceptance of BHIM-UPI QR (Bharat Interface for Money- Unified Payments Interface Quick Response) based payments in Singapore with a live transaction at a merchant terminal. With this transaction, BHIM usage for the first time enters an international country.
- The project in this regard was jointly developed by National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore.
- Anyone with a BHIM app can now make payments at NETS terminals in Singapore.
Trade promotion Council of India signed MoU with MAS:
The trade promotion Council of India (TPCI) signed MoU with Monetary Authority of Singapore (MAS) for accessing the Business sans Borders (BSB), which is cross-border digital trade platform experiment for small and medium-sized enterprises (SMEs).
Capital- Singapore city.
Currency- Singapore dollar.
Indian High Commissioner to Singapore- Jawed Ashraf.
FICCI- It is the largest, oldest, non-government, not-for-profit apex business organisation in India.
Headquarters- New Delhi.
Facts: It is named after Bhimrao Ramji Ambedkar. Recently BHIM 2.0 was launched which provides additional functionalities and also supports three additional languages — Konkani, Bhojpuri and Haryanvi, over and above the existing 13 languages.
Launched- December 2016.