India plans to share its expertise in digital public infrastructure, including systems like Aadhaar and UPI, with ASEAN nations to explore cross-border collaborations.
During the India-ASEAN Summit, both sides committed to advancing AI technologies responsibly by developing infrastructure, skills, and risk management frameworks.
The move is in line with India’s plans to share DPI with countries across the world.
India plans to share its expertise in digital public infrastructure (DPI), including systems like Aadhaar and Unified Payments Interface (UPI), with ASEAN nations to explore cross-border collaborations.
In a joint statement, the two sides said they would explore cooperation in areas like education, healthcare, agriculture, and climate change.
The statement followed the 21st India-ASEAN Summit, during which both sides committed to advancing AI technologies responsibly by developing infrastructure, skills, and risk management frameworks.
They also discussed partnerships in fintech innovations and digital financial solutions. Both parties also agreed to strengthen cybersecurity cooperation to support the digital economy.
The move is in line with India’s plans to share DPI with countries across the world.
In July, the Reserve Bank of India (RBI) teamed up with the Bank for International Settlements (BIS) and central banks from four ASEAN nations to launch Project Nexus, a multilateral initiative aimed at facilitating retail cross-border payments.
Under the initiative, UPI will be linked with the respective fast payment systems (FPS) of Malaysia, Philippines, Singapore, and Thailand to facilitate instant cross-border retail payments.
Last year, the RBI also engaged in discussions with counterparts in the US, Hong Kong, and SWIFT to explore a fast and cost-effective cross-border settlement system using central bank digital currencies (CBDCs).
The RBI also signed a memorandum of understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) to conduct joint proof-of-concept and pilot projects for a bilateral CBDC bridge. This initiative aims to facilitate cross-border CBDC transactions for remittances and trade while promoting innovation in financial services.
Notably, in February 2023, India and Singapore linked their real-time payment systems.
The National Payments Corporation of India (NPCI) has also signed agreements with countries like Peru and Namibia to develop UPI-like payment systems.
