 India and Singapore ties are rooted in strong commercial, cultural and people-to-people links. In recent years, collaboration in digital domain has created new possibilities for the two countries. In many areas of India's development priorities, Singapore is a key partner. Smart cities, urban solutions, financial sector, skills development, ports, logistics, aviation and industrial power. And now we are building new partnerships for the digital world. The Prime Minister and I also agreed that fintech can be another key pillar of our strategic partnership. India is a significant market for Singapore fintech companies while Singapore, which is a global fintech hub, can be a gateway for India to enter the Southeast Asian market. Since 2014, under the visionary leadership of Prime Minister Narendra Modi, digital payment landscape in India has been revolutionised. India now accounts for around 40% of real-time digital payments globally, which is primarily driven by UPI. UPI backed by state-of-the-art technology enables fast and secure digital transactions even for small amounts. PayNow in Singapore is a foremost payments platform that lets its users send and receive funds quickly using just the mobile number. The launch of UPI, Rupi and Bheem enabled Remiton Sab by Prime Minister Modi in Singapore in 2018, underlining the mutual spirit of breaking fresh grounds in India-Singapore partnership. Today, another milestone is being achieved as UPI and PayNow partner together for the benefit of both Indians and Singaporeans. With the help of UPI and PayNow Singapore, our people can now transact money with their loved ones in real-time at low cost. This has been possible thanks to collaboration between Reserve Bank of India and Monetary Authority of Singapore. Let us see how this works. Let's try sending 100 Singapore dollars from India to Singapore. Simply log into your bank's mobile app or net banking. Go to foreign outward Remitons and agree with the terms. Enter the beneficiary's mobile number or VPA. Upon validation, proceed for transfer. Enter the amount. Check the summary and exchange rates and confirm with an OTP or UPI PIN based on your application's requirement. And you are done. A success screen will get displayed. So quick, right? Now let's try sending 10,000 Indian rupees from Singapore to India. Simply log into your PayNow participating members' mobile app. Go to overseas transfer. Select UPI and enter UPI ID. Upon validation, enter the amount. You can see the Singapore dollar's equivalent amount and we are done with an instant confirmation of the transfer. Wow! That was fast. Presenting UPI and PayNow Singapore, making cross-border payments real-time and low-cost.