State Bank of India is set to launch its Yono Global application in Singapore and the US to offer digital remittance and other services to its customers. Vidya Krishnan, Deputy Managing Director of SBI, announced at the three-day Singapore Fintech Festival (SFF), “We are continuing to invest in Yono Global to offer the best services available as we want to give a superior experience to our customers.”
Krishnan engaged in discussions with Singapore-based digital platform enablers as well as the local regulator and central bank, the Monetary Authority of Singapore (MAS). Acknowledging the significance of Yono’s potential impact on Singapore, she said, “We are constantly working on the remittance story between India and Singapore, given the large number of Indian diaspora in the city-state.”
Currently, SBI offers Yono Global services in nine countries, commencing with UK operations in September 2019. SBI’s foreign operations have a total balance sheet size of USD 78 billion, positioning itself to offer cutting-edge digital financial solutions globally.
In Singapore, SBI is actively integrating the Yono Global app with PayNow and plans to launch the integrated service soon. This aligns with SBI’s dedication to staying at the forefront of technological advancements in the financial sector. Lately, the Indian banking ecosystem has been actively participating in global transaction processes. In September, it announced the integration of the unified payments interface (UPI) with its digital rupee (e₹), or Central Bank Digital Currency (CBDC) app to enhance user convenience.
