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.