Prime Minister Narendra Modi and Malaysian counterpart Dato’ Seri Anwar bin Ibrahim recently strengthened bilateral relations by signing Memorandums of Understanding (MoUs) and agreements at Hyderabad House in Delhi.
A joint statement emphasised the opportunity for more collaboration, particularly in new technologies such as finance, semiconductors, artificial intelligence (AI), and quantum computing. A major statement included plans to integrate India’s Unified Payments Interface (UPI) with Malaysia’s PayNet, to revolutionise cross-border digital payments.
Malaysia’s digital payment business, famed for its fintech innovation, has drawn Indian startups like Pine Labs and Razorpay. Razorpay’s acquisition of Malaysian recurring payment company Curlec, now known as ‘Curlec by Razorpay,’ has increased its service offerings to over 700 Malaysian firms, including Tune Protect and Mary Kay. Through Curlec’s participation in Malaysia’s DuitNow system, which is similar to UPI, the country is moving towards a cashless society.
Beyond fintech, PM Modi and Anwar talked about developing educational and cultural ties. PM Modi offered 100 scholarships for Malaysian students under the Indian Technical and Economic Cooperation (ITEC) program and the establishment of an Ayurveda Chair and a Thiruvalluvar Chair in Malaysian universities. He praised the expanding alliance, which demonstrates the countries’ commitment to mutual growth.
