Singapore, Malaysia facilitate borderless payment

The Monetary Authority of Singapore (MAS) and the Bank Negara Malaysia (BNM) plan to begin a phased linkage of Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems in late 2022.

Monday, September 27, 2021 21:04

Singapore, Malaysia facilitate borderless payment ảnh 1

Illustrative image (Photo: Straitimes)

Singapore (VNA) – TheMonetary Authority of Singapore (MAS) and the Bank Negara Malaysia (BNM) plan to begin a phased linkageof Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems in late2022.

Accordingly,customers of participating financial institutions will be allowed to makereal-time fund transfers between Malaysia and Singapore using just a mobilenumber.

They will also be able to makeretail payments by scanning DuitNow or NETS QR codes displayed at merchants’storefronts.

"The project will enablemore seamless payments for the high volume of remittances between Malaysia andSingapore," the BNM said in a statement on September 27.

The central bank said theproject would also cater to travellers between both countries, which sawsizeable pre-pandemic traffic of about 12 million arrivals yearly on average.

OnSeptember 14, the MAS and the Indian central bank also announced a similar planto link PayNow with India’s UnifiedPayments Interface in July 2022./.

VNA

#Monetary Authority of Singapore #Bank Negara Malaysia #Vietnamplus #Vietnam News Agency #real-time payment system Malaysia Singapore

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