The initiative with Malaysia follows the QR payment linkage announced on March 31 which enabled cross-border QR payments to merchants. MAS managing director Ravi Menon and BNM governor Abdul Rasheed Ghaffour marked the launch of real-time payments by executing live cross-border fund transfers to each other at the Singapore FinTech Festival (SFF) 2023.
Singapore has launched cross-border real-time payments and cross-border quick response (QR) payments with Malaysia and Indonesia, respectively.
On Nov 17, the Monetary Authority of Singapore (MAS) announced that it had jointly launched a real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow with Bank Negara Malaysia (BNM), as well as a cross-border QR payment linkage in collaboration with with Bank Indonesia (BI).
