Launch of Cross-border QR Code Payments Connectivity between Singapore and Malaysia

The Monetary Authority of Singapore (MAS) has published a press statement to inform about the launch of a new cross-border payment linkage between Singapore and Malaysia which was made possible by the work of many participating financial institutions and payment firms (a list is provided in the statement).
Specifically, with the help of two QR code applications, namely the DuitNow QR application operated by the Payments Network Malaysia Sdn. Bhd. (PayNet) and the NETS QR application operated by Singapore’s electronic payment network, NETS, customers can initiate cross-border retail payments simply by scanning the QR codes of merchants or e-commerce transactions.
The launch of the payment linkage presents another key step in development of faster, less costly cross-border transaction systems and is in line with the „ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments“. It also shows both Singapore’s and Malaysia’s commitment to improve payment facilitation between the two countries.
In a next step, MAS and the Central Bank of Malaysia, the Bank Negara Malaysia (BNM), plan to expand the scope of the linkage to also facilitate „cross-border account-to-account fund transfers and remittances“, which will permit real-time fund transfers simply by using „the recipient’s mobile phone number via PayNow and DuitNow“. This service is expected to be launched at year end 2023.