State Bank of India (SBI) is gearing up to introduce its Yono Global application in Singapore and the United States, marking a significant expansion of its digital services. The move aims to provide customers with efficient digital remittance options and an enhanced overall banking experience.
SBI’s Deputy Managing Director of Information Technology, Vidya Krishnan, emphasized the ongoing commitment to investing in Yono Global to deliver top-notch services. In preparation for the launch, Krishnan has engaged with key stakeholders, including digital platform enablers in Singapore, local regulators, and the Monetary Authority of Singapore (MAS). The integration with Singapore’s PayNow platform is a strategic step towards making Yono accessible in the city-state.
Krishnan highlighted the potential impact of Yono’s presence in Singapore, particularly in facilitating remittances between India and Singapore due to the significant Indian diaspora in the region.
SBI’s Yono Global, initially introduced in 2019 in the UK, is currently accessible in nine countries. The bank’s foreign operations contribute to a substantial balance sheet of $79 billion.
The expansion aligns with SBI’s broader digital initiatives, including the recent integration of the Unified Payments Interface (UPI) with its digital rupee (e₹) app, enhancing user convenience. This move underscores the bank’s commitment to embracing digital transformation and staying at the forefront of technological advancements.
India’s banking landscape has been actively engaging in global transactions, with the Unified Payments Interface (UPI) extending its reach to countries such as Nepal, France, and Singapore. The National Payments Corporation of India (NPCI) is in discussions with American and African nations to introduce UPI in those regions.
Moreover, plans are underway for the Bharat Bill Payment System (BBPS) to cater to Non-Resident Indians (NRIs) in the UK, enabling them to make payments on behalf of their family members in India. Similar initiatives are being explored with other countries, including Canada and Singapore
