In a significant move to bolster financial connectivity between India and Malaysia, Prime Minister Narendra Modi announced plans to integrate India’s Unified Payments Interface (UPI) with Malaysia’s PayNet. The announcement was made during a joint press conference following a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim at Hyderabad House in New Delhi.
“This integration aims to expand UPI’s global footprint, reflecting India’s strategy to extend its instant payment network worldwide,” said Prime Minister Modi. The integration of UPI with PayNet is expected to further strengthen financial ties between the two countries and provide a seamless payment experience for users.
Currently, India’s UPI is operational in several countries, including Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka, and Nepal. With the addition of Malaysia, UPI’s reach will continue to grow, solidifying its position as a leading global payment platform. Minister of State for Finance Pankaj Chaudhary emphasized, “Both the Indian government and the Reserve Bank of India are working to broaden UPI’s international reach.”
The bilateral meeting between the two leaders covered a wide range of topics, including regional cooperation and strengthening bilateral ties. Prime Minister Modi reiterated India’s commitment to ASEAN centrality and expressed support for Malaysia’s chairmanship of ASEAN in 2025. He also underscored the importance of a timely review of the Free Trade Agreement (FTA) between India and ASEAN to further enhance economic cooperation.
In addition to financial collaboration, Prime Minister Modi announced several initiatives aimed at boosting educational and cultural ties between India and Malaysia. “Under the Indian Technical and Economic Cooperation (ITEC) scholarship program, 100 seats will be allocated for Malaysians in advanced fields such as cybersecurity and artificial intelligence (AI),” Modi stated. Furthermore, he revealed plans to establish an Ayurveda Chair at Malaysia’s University Tumko Abdul Rahman and a Thiruvalluvar Chair at a Malaysian university, promoting the exchange of knowledge and cultural heritage.