India to integrate UPI with Malaysia's PayNet, says PM Modi

India to integrate UPI with Malaysia's PayNet, says PM Modi

India plans to integrate its Unified Payments Interface (UPI) with Malaysia's PayNet, Prime Minister Narendra Modi announced on August 20 following a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim in New Delhi.

Modi revealed the collaboration during a joint press conference, highlighting that efforts would be made to link India's UPI system with Malaysia's PayNet. This integration aims to bolster financial connectivity and expand UPI's global footprint. Currently, UPI is operational in Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka, and Nepal, as part of India's strategy to extend its instant payment network worldwide.

Minister of State for Finance Pankaj Chaudhary further emphasised that both the Indian government and the Reserve Bank of India are working to broaden UPI's international reach.

The announcement came after a productive meeting between Modi and Anwar Ibrahim at Hyderabad House. The two leaders discussed a range of topics, including strengthening bilateral ties and regional cooperation. Modi reiterated India’s commitment to ASEAN centrality, expressing support for Malaysia's chairmanship of ASEAN in 2025 and the timely review of the Free Trade Agreement (FTA) between India and ASEAN.

Additionally, Modi highlighted plans to enhance educational and training opportunities for Malaysian students in India. Under the Indian Technical and Economic Cooperation (ITEC) scholarship program, 100 seats will be allocated for Malaysians in advanced fields such as cybersecurity and artificial intelligence (AI). Modi also announced the establishment of an Ayurveda Chair at Malaysia's University Tumko Abdul Rahman and a Thiruvalluvar Chair at a Malaysian university.

Prime Minister Anwar Ibrahim, who is on his first state visit to India as Malaysia’s premier, expressed gratitude for the collaborative efforts and the opportunities presented by the new initiatives.