'Will Connect India's UPI With Malaysia's Paynet': Modi Emphasises On Fintech, Extends Support For ASEAN Chairmanship

India and Malaysia have decided to elevate their partnership to a "Comprehensive Strategic Partnership". This happened during Prime Minister Narendra Modi's meeting with his Malaysian counterpart Anwar Ibrahim.

"Trade between India and Malaysia can now be settled in Indian Rupee (INR) and Malaysian Ringgits (MYR). Last year, an investment worth $5 billion from Malaysia to India has been worked on," Modi highlighted.

He emphasised on enhancing mutual cooperation in areas of new technology, like semiconductors, Fintech, defense industry, Artificial Intelligence (AI) and quantum and stepping up the review of the Comprehensive Economic Cooperation Agreement.

"It has been decided to establish a Digital Council and to create a Start-up Alliance for cooperation in digital technology. Work will also be done on connecting India's UPI and Malaysia's Paynet," Modi added.

Calling Malaysia an important partner of India in ASEAN and the Indo-Pacific region, Modi agreed that the review of the FTA between India and ASEAN should be completed in a timely manner.

"India will extend full support to Malaysia's successful ASEAN Chairmanship in 2025. We are committed to freedom of navigation and overflight in accordance with international laws," Modi concluded.

Malaysia will now be joining the International Big Cat Alliance (IBCA) as a founding member, while India will be establishing an Ayurveda Chair at the University Tunku Abdul Rahman and Thiruvalluvar Chair of Indian Studies at the Malaya University in Malaysia.

India has also promised a special allocation of 200,000 MT of white rice to Malaysia and an allocation of 100 additional ITEC slots for Malaysian nationals after the Malaysian PM also met President Droupadi Murmu.