India and Malaysia Deepen Bilateral Relations
Prime Minister Narendra Modi and his Malaysian counterpart, Dato’ Seri Anwar bin Ibrahim, have taken significant steps to enhance bilateral relations between India and Malaysia. During a formal event at Hyderabad House in Delhi, the leaders exchanged several Memorandums of Understanding (MoUs) and agreements, underscoring their commitment to expanding cooperation.
Focus on Emerging Technologies
In a joint statement following the exchange, Prime Minister Modi emphasized the untapped potential in the India-Malaysia relationship, particularly in emerging technologies. He highlighted the importance of collaboration in areas such as fintech, semiconductors, artificial intelligence (AI), and quantum computing. A key announcement was the plan to integrate India’s Unified Payments Interface (UPI) with Malaysia’s PayNet, which could revolutionize digital payments between the two nations. “We have more potential in our relationship. We must increase our cooperation in the field of new technology areas,” Modi stated.
India’s Impact on Malaysia’s Digital Payment Market
Malaysia’s digital payment market has become a hub for fintech innovation, attracting numerous Indian startups. The favorable regulatory environment and growing demand for digital financial services in Malaysia present a promising landscape for Indian companies. Notable Indian fintech firms like Pine Labs and Razorpay have made significant inroads, particularly in the digital payments sector. Razorpay’s acquisition of Malaysian recurring payment solutions provider Curlec, now rebranded as ‘Curlec by Razorpay,’ marked a pivotal moment in its expansion. Curlec’s involvement in DuitNow, Malaysia’s real-time payment system, further demonstrates its commitment to promoting cashless transactions.
Strengthening Educational and Cultural Ties
Beyond fintech, the leaders discussed expanding educational and cultural ties between the two nations. Prime Minister Modi announced a focus on scholarships for Malaysian students and specialized training programs for government officials. Under the Indian Technical and Economic Cooperation (ITEC) program, 100 seats will be allocated for Malaysians to pursue advanced courses in fields such as cybersecurity and AI. Additionally, an Ayurveda Chair will be established at Malaysia’s University Tunku Abdul Rahman, and a Thiruvalluvar Chair will be set up at another Malaysian university, further strengthening cultural and educational links.
A Growing Partnership
Prime Minister Modi expressed his gratitude to Prime Minister Anwar and his team for their cooperation in these initiatives, reflecting the growing partnership between India and Malaysia. The agreements and collaborations highlight a shared commitment to fostering innovation and strengthening ties in various sectors, including technology, education, and culture.