Malaysia and Singapore Introduce Linked Real-Time Payment Systems

Malaysia and Singapore Introduce Linked Real-Time Payment Systems

18 Nov, 2023

Malaysia and Singapore Introduce Linked Real-Time Payment Systems

 

The collaborative efforts between Malaysia's DuitNow and Singapore's PayNow have culminated in the real-time connection of their payment systems. Spearheaded by Bank Negara and the Monetary Authority of Singapore (MAS), along with the participation of payment system operators and institutions from both countries, this initiative has linked DuitNow-PayNow for seamless cross-border transactions.

Bank Negara emphasized that the DuitNow-PayNow linkage facilitates instant, secure, and cost-effective peer-to-peer fund transfers and remittances between Malaysia and Singapore. Notably, this linkage marks the inclusion of non-bank financial institutions from both nations, expanding access to a wider user base.

This initiative builds upon the earlier QR payment linkage announced on March 31, 2023, enabling cross-border QR payments to merchants. Consumers of participating financial institutions can now conveniently send and receive funds, with daily limits set at RM3,000 or S$1,000 using the recipient's mobile phone number or Virtual Payment Address (VPA).

Initially available for users of Maybank, CIMB, and TNG Digital in Malaysia, other financial institutions will gradually adopt this service. Likewise, in Singapore, Liquid Group, Maybank Singapore, OCBC, and UOB customers will witness a phased implementation, progressively expanding the eligible user groups until the end of January 2024.

Bank Negara Governor Datuk Abdul Rasheed Ghaffour highlighted the significance of fast, secure, and cost-efficient cross-border payments for individuals and small businesses, particularly in closely linked economies like Malaysia and Singapore. This linkage, he stressed, paves the way for scalable cross-border payment networks across and beyond ASEAN, aligning with the goals of the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.

The central bank reported P2P and remittance transactions between the two countries amounted to RM7.8 billion/S$2.3 billion in 2022, underscoring the substantial volume of cross-border financial activities.

 

 


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