Malaysia, Singapore Launch Cross-border QR code Payment Linkage
On March 31, Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) launched a cross-border QR code payment linkage between Malaysia and Singapore. The linkage seeks to facilitate greater cross-border payment connectivity by enabling customers to use local banking and eWallet services to make retail payments by scanning Malaysian DuitNow QR codes and Singaporean NETS QR codes. The service can be used for both in-person and e-commerce transactions.
On the sidelines of the 2022 G20 Leaders’ Summit, the central banks of Malaysia, Indonesia, Philippines, Singapore, and Thailand also signed a memorandum of understanding (MoU) to enhance cooperation on regional payment connectivity. Malaysia has already launched cross-border QR code payment linkages with Indonesia and Thailand, and cross-border QR code payment linkages with the Philippines are under development. BNM and MAS plan to later enable cross-border account-to-account fund transfers and remittances by the end of 2023, allowing users to make real-time fund transfers via DuitNow and PayNow. The QR linkage is expected to benefit millions of commuters and travelers and boost retail business in both countries.