India, Singapore link systems for real-time cross-border fund transfers

India and Singapore linked their systems that enable real-time money transfers between the two nations, as countries in the region seek to bring down barriers to the quick movement of funds.  

Reserve Bank of India’s Governor Shaktikanta Das initiated the first transaction with his counterpart Managing Director Ravi Menon, according to a statement Tuesday by the Monetary Authority of Singapore.

The India-Singapore payment connection is part of the trend in Asia where instantaneous, cross-border fund transfers via mobile phones are happening, bypassing bank branches and doing away with high transfer fees. Singapore rolled out a similar connection with Thailand in