204 views
MAS, BNM

Singapore, Malaysia enables real time cross-border payments

The payment system is accessible via mobile number or VPA.

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) launched a real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow.

This follows a QR payment linkage announced on 31 March 2023 enabling cross-border QR payments to merchants.

With this, users will be able to send and receive funds of up to $1,000 or MYR3,000 daily by using the recipient’s mobile number or Virtual Payment Address (VPA).

Service will be available to Singapore customers of Liquid Group, Maybank Singapore, OCBC, and UOB and will progressively adapt to more bank partners by January 2024.

For Malaysian customers, the service will first be available for all CIMB, Maybank, and TNG Digital users with other financial institutions to follow.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Retail
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.
Lendela on why banks need fintechs to buoy loan growth
Loan demand has doubled in Singapore, and fintechs can help onboard quality clients.