Yono-UPI integration to give more reach for Singapore transactions to India

State Bank of India Singapore on Wednesday said the planned Yono-UPI integration through PayNow will provide a bigger reach for India-bound transactions from Singapore.

The SBI Yono-UPI-PayNow linkage comes amidst the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announcing a plan to launch two new payments solutions in the middle of this year to support the transition to e-payments for both corporate and retail cheque users.

"For future enhancements, SBI Singapore is looking at having linkage to the UPI, a Government of India initiative system that powers multiple bank accounts through a single interface," SBI Singapore CEO M P Siva told PTI on Wednesday.

"The planned Yono-UPI integration through PayNow will provide a bigger reach for India-bound transactions from Singapore, he said.

Siva further noted that Singapore is one of the most important markets and we would like to be amongst the best in offering services, given the wide range of digital transactions already being generated.

With the Yono Mobile app, customers will be able to manage their finances with just a few taps. Ranging from remitting to India, making bill payments, transferring funds from local payment systems like MAS Electronic Payment System (MEPS), General Interbank Recurring Order (GIRO) and PayNow.

"The ease of managing transactions through SBI Mobile banking platform is seamless," he said.

Yono, abbreviation of You Only Need One, banking application for SBI Singapore Operations has been developed on a secure and robust framework incorporating the user interface and experience present in Yono global and offering multiple journeys at par with the leading retail banks of Singapore.

Singapore is among India's largest trade and investment partners in the South East Asian region.

Yono Singapore was soft launched in October 2024 and is expected to have 1,500 downloads this financial year.