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A level translator would be the best choice for your design. Using a Transistor should also work, but it depends on the baud rate you are using. For slower baud rates (eg. 9600) a transistor could work.
To keep the circuit to a minimum, you could connect the SIM module Tx line through a resistor voltage divider to the Rx of the CYW920829EVAL-02.
The SIM module Rx you will need a transistor to raise the voltage. I suggest you monitor this line on a scope to ensure the slew rate is sufficient for the Baud rate in use.