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Tuesday, February 27, 2024

Jay Shambaugh applauds India’s UPI for growing ties with UAE, Singapore

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Jay Shambaugh, US Treasury Under Secretary for International Affairs, applauded India’s UPI for improving relations with Singapore and UAE. He cited rising interest in cross-border payment innovations, legacy system modernization, including Central Bank Digital Currencies and Distributed Ledger Technology for payments…

Jay Shambaugh, Under Secretary of the US Treasury for International Affairs, spoke at Harvard Law School about India’s Unified Payments Interface (UPI) and its role in improving bilateral relations with Singapore and the UAE. He praised India’s efforts, demonstrating UPI’s global reach.

Shambaugh also stated that numerous ASEAN countries want to multilaterally integrate their quick payment systems, indicating a growing interest in cross-border payment innovations.

Many legacy payment system modernization projects are underway. Banks, payment service providers, system operators, and financial market infrastructures are investing in payment system speed, cost-effectiveness, transparency, accessibility, and efficiency. The ISO 20022 messaging standard improves data richness and payment processing speed and reliability.

Shambaugh stressed that the G20 Payments Roadmap is promoting near-term progress. One of the three main G20 priorities is “payment system interoperability and extension.” This improves payment system connectivity and operational alignment along important corridors, enabling fast system transfers and settlements.

Shambaugh also noted that countries are testing cross-border Central Bank Digital Currencies (CBDCs) and Distributed Ledger Technology (DLT)-based payments. These improvements could improve cross-border payment systems’ efficiency, transparency, and risk.

Jay Shambaugh complimented India’s UPI system for improving bilateral relations and voiced confidence about new-technology-powered cross-border payments.

Conclusion

Jay Shambaugh, US Treasury Under Secretary for International Affairs, noted India’s Unified Payments Interface (UPI)’s improvement of bilateral relations with Singapore and the UAE. He said that some ASEAN countries are seeking multilateral quick payment system interconnection, reflecting a growing interest in cross-border payment technologies. Banks, payment service providers, system operators, and financial market infrastructures are modernizing old payment systems to improve speed, cost-effectiveness, transparency, accessibility, and efficiency. One of the G20 Payments Roadmap’s main goals is “payment system interoperability and extension.” Cross-border Central Bank Digital Currencies (CBDCs) and DLT-based payments are also being considered by states. Shambaugh complimented India’s UPI system for improving bilateral relations and voiced confidence about new-technology-powered cross-border payments.

Sunil Pandey
Sunil Pandey

The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

Sunil Pandey
The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

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