India’s Unified Payments Interface system (UPI) stands out in advancing bilateral links with other countries, including Singapore and the United Arab Emirates, a U.S. treasury official said.
In a speech at Harvard Law School on Wednesday, Jay Shambaugh, Under Secretary of US Treasury for International Affairs, spoke on new technologies and cross-border payments. He said a set of ASEAN countries have the greater ambition of interlinking their fast payment systems multilaterally.
Mr. Shambaugh said several initiatives are already underway to upgrade legacy payment systems.
