State Bank of India is set to launch its Yono Global application in Singapore and the US to offer digital remittance and other services to its customers.
SBI’s deputy MD (IT) Vidya Krishnan said, “We are continuing to invest in Yono Global to offer the best services available as we want to give superior experience to our customers.”
According to a PTI report, Krishnan has already spoken with the Singapore-based digital platform enablers, the local regulators and the Monetary Authority of Singapore (MAS). SBI plans to launch Yono in the city country through an integration with PayNow.
Commenting on the significance that SBI’s Yono could bring to Singapore, Krishan said, “We are constantly working on the remittance story between India and Singapore, given the large number of Indian diaspora in the city state.”
Currently, SBI’s Yono Global is accessible across 9 countries which started in 2019 with the UK. The bank has a balance sheet of $79 Bn from its foreign operations.
The bank has been on a spree to boost its operations on the digital front. In September, it announced the integration of the unified payments interface (UPI) with its digital rupee (e₹), or Central Bank Digital Currency (CBDC) app to enhance user convenience.
Lately, the Indian banking ecosystem has been actively participating in global transaction processes. The country’s very own UPI has entered several other countries including Nepal, France, Singapore, among others. The National Payments Corporation of India (NPCI) is also in talks with some American and African nations to launch it there.
The NPCI was also reported to be planning the roll out of the Bharat Bill Payment System (BBPS) for Non-Resident Indians (NRIs) living in the UK. Through this system, the users living abroad will be able to make payments on behalf of their family members in India. Meanwhile, talks are underway with other countries, including Canada and Singapore, for the same initiative.
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