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One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program. India’s national payment network, called the unified payments interface (UPI), is expanding its services beyond Indian borders to Singapore. The cross-border connectivity between Singapore and India via their respective rapid payment systems, namely PayNow and the UPI. Shri Shaktikanta Das, governor of the Reserve Bank, and Mr Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage. The UPI-PayNow integration will allow users of the two nations to send money across borders quickly. It is possible to send or receive money from India using only a UPI-id, cellphone number, or Virtual Payment Address for money held in bank accounts or e-wallets (VPA). UPI's instant real-time payment system helps to transfer cash immediately via a mobile interface between the two bank accounts. UPI ...

Despite partial crypto bans, the Chinese Government has included blockchain technology in official state development policy. On Dec 29, the state-owned China Academy for Information and Communications Technology, or CAICT, published a document titled "2022 Blockchain Whitepaper." According to the paper, more than 1,400 blockchain firms are currently based in Mainland China. Together with the U.S., the two countries represent a 52% market share in terms of global blockchain enterprises.  The CAICT also disclosed that around 48 post-secondary institutions across China have introduced " Blockchain engineering" related degrees and certifications. In the report, the institution detailed four types of Blockchain technologies with high application potential. First, "settlement chains" would allow transparent publication of telecom fees for firms such as China Mobile and China Unicom. Second, the Zhejiang Cold Chains would enable consumers to verify the source o...