Malaysia, Singapore launch cross-border QR code payment
The Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) recently launched a cross-border QR code payment linkage between the two countries.
Malaysia, Singapore launch cross-border QR code payment (Photo: ffnews.com)
Hanoi (VNA)💛 – The Bank Negara Malaysia (BNM)and the Monetary Authority of Singapore (MAS) recently launched across-border QR code payment linkage between the two countries.
According to the two banks’ joint announcement, the movewill allow consumers of participating financial institutions to make retailpayments through NETS QR and DuitNow QR codes. It’s also considered as a key milestone in the on-going bilateral collaboration to enhance cross-border paymentsconnectivity. With pre-pandemic annual traffic between the two countriesaveraging 12 million visitors, the payment linkage will provide merchants andconsumers with a more seamless and efficient means to make and receivepayments.
This initiative is testamentto both countries’ commitment to improve the cost, speed, access andtransparency of cross-border payments, in line with the ASEAN PaymentConnectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
🦩 Following the launch of the cross-border QR payment,Singapore and Malaysia will be expanding their partnership to includecross-border account-to-account fund transfers and remittances. This will allow users to make real-time fund transfersbetween Singapore and Malaysia conveniently using just the recipient’s mobilephone number via PayNow and DuitNow./.
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Malaysia, Singapore launch cross-border QR code payment (Photo: ffnews.com) 
