SERI KEMBANGAN: India's Unified Payments Interface (UPI) system is all set to enter the Malaysian market as the two countries strengthen their longstanding economic ties, says Narendra Modi.
"The Malaysia-India Digital Council is paving new pathways for our digital collaboration. I am happy to share with you that India's UPI will come to Malaysia soon" the Indian Prime Minister said while addressing the diaspora at a reception held in conjunction of his two day official visit to Kuala Lumpur on Saturday (Feb7).
He said nearly half of the world's real-time digital transactions happen in India using the UPI platform.
He said Indian companies have always been keen of working with Malaysia.
"It is a privilege that we played a part in creating Malaysia's first in Asia's largest insulin manufacturing facility. Over 100 Indian IT companies operate in Malaysia, generating thousands of jobs," he said.
India based Biocon Biologics, which is a major insulin supplier to Malaysia, operates a US$350mil integrated insulin manufacturing facility in Johor, the largest in Asia.
Modi also announced scholarships for students wanting to study in India.
"We are going to give Thiruvalluvar scholarships for students to study in India. We look forward to seeing you in the 'Know India' programme.
"You will be happy to know that we will be opening a new consulate of India in Malaysia soon.
"We made a historic decision just a few months ago. We extended the Overseas Citizenship of India card eligibility to Malaysian citizens of Indian origin up to the sixth generation. We have been supporting the Indian Scholarship Trust Fund," he said.
Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim said the two countries are now deepening their cooperation in the frontiers that will define the century.
"The Malaysia-India Digital Council reflects this shared ambition. The linkage between India's unified payment system, payments interface and Malaysia's Paynet system will make cross-border payment simpler for business, students and clients," Anwar said during his speech at the event.
Semiconductors, advanced manufacturing, digital finance, artificial intelligence and cyber security, Malaysia's established electronics ecosystem, and India's expanding market and design capabilities are natural complements," he added.
As global supply chains reconfigure, Anwar said there is real potential to make the region a more resilient and trusted hub for high-tech manufacturing.
Modi's last official visit to Malaysia was in November 2015 but he made a brief stopover here on May 31, 2018.
Modi was accompanied by India's External Affairs Minister Dr S. Jaishankar and senior government officials.
According to Wisma Putra, both leaders are expected to take stock of Malaysia-India bilateral relations and explore further collaboration, particularly in trade and investment; defence and security; labour; tourism; connectivity; agriculture; and education.
The discussion will also include regional and international issues of mutual interest.
They will also witness the exchange of several memoranda of understanding in several fields.
In 2025, total trade between Malaysia and India reached RM79.49bil (US$18.59bil). Malaysia's total exports to India amounted to RM52.30bil (US$12.24bil) and total imports amounted RM27.19bil (US$6.35bil).
