The UPI-PayNow integration will provide a seamless cross-border transaction between India and Singapore, with citizens of both nations being able to make payments using phone numbers or VPA.
Ravi Menon says Singapore is not entirely closing its doors to adopting virtual assets so long as they are used for use cases such as reducing financial transaction risks.
Ravi Menon noted that cross-border payments are blighted by several issues, the most significant being the speed of settling transactions and the high costs associated with remittances.
James Powell, backed by prominent financial regulators, highlights the need to enforce appropriate directives to deal with "issues" concerning DeFi before they snowball and create a big mess.
Despite several warnings against digital assets, surveys show that many retail investors are still "irrationally oblivious" to the risks of digital currency trading, according to the Monetary Authority of Singapore.
