Photo credit: stpsae / 123RF
The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia have linked QR payments between the two countries.
The move will enable customers of participating financial institutions to make retail payments to merchants in both countries through QR codes. These customers will be able to scan codes with Singapore’s NETS (Network for Electronic Transfers Singapore) and Malaysia’s DuitNow.
MAS also said that person-to-person transfers and remittances between Singapore and Malaysia will be supported by the end of the year.
The link was initially announced in 2021, with MAS saying at the time that remittances between Singapore and Malaysia reached S$1.3 billion (US$980 million) in 2020.
Participating financial institutions from Singapore are DBS Bank, OCBC Bank, and UOB. Meanwhile, those from Malaysia include Ambank Malaysia, Boost, CIMB Bank, Razer Merchant Services, and TNG Digital.
“We will continue to work closely with our partners to accelerate our digitalization agenda toward increased regional economic and financial integration,” said Tan Sri Nor Shamsiah Mohd Yunus, Bank Negara Malaysia’s governor.
See also: Winners and losers of SG and India’s novel PayNow-UPI linkage
The development follows MAS’ similar deals with the Reserve Bank of India and Thailand’s PromptPay.
Currency converted from SG dollar to US dollar: US$1 = S$1.33.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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