US officials are closely following this developments. They are concerned that India will end up connected to China’s CIPS.
All of these are consequences of the weaponization of payment systems.
News that I missed:
MUMBAI, Feb 21 (Reuters) - India and Singapore launched on Tuesday a real-time link to facilitate easier cross-border money transfers between the two countries, the first such for the South Asian nation that is the world's biggest recipient of remittances.
Transfers of funds between the two countries will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's PayNow facility. https://www.reuters.com/technology/india-singapore-launch-real-time-link-cross-border-payments-2023-02-21/
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