Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS), the central banks of Malaysia and Singapore respectively, have joined forces to enhance financial connectivity between the two nations.
The launch of the real-time payment systems linkage between Malaysia’s DuitNow and Singapore’s PayNow is a strategic move to simplify and expedite cross-border transactions. This initiative follows the recent introduction of cross-border QR payments, marking a significant step forward in financial technology cooperation between Malaysia and Singapore.
The DuitNow-PayNow linkage offers instant, secure, and cost-effective person-to-person (P2P) fund transfers and remittances between Malaysia and Singapore. It is a pioneering initiative, enabling users to transfer funds using just a mobile phone number or Virtual Payment Address (VPA), and includes participation from non-bank financial institutions.
Initially, this service will be available to users of select financial institutions in both countries, with a gradual expansion planned. The linkage allows daily transactions of up to RM3,000 or S$1,000, ensuring broad accessibility and convenience.
BNM Governor Datuk Abdul Rasheed Ghaffour said, “Cross-border payments that are fast, secure, and cost-efficient can provide immense benefits, especially for individuals and small businesses in countries with very close economic ties such as Malaysia and Singapore. The DuitNow-PayNow linkage enables us to reap these benefits towards our shared growth and prosperity, while laying the foundations for scalable cross-border payment networks across and beyond ASEAN.”
MAS Managing Director Mr Ravi Menon said, “The PayNow-DuitNow linkage is the culmination of a shared aspiration by Singapore and Malaysia to facilitate cross-border payments between our two countries. This linkage represents another step toward ASEAN’s vision for regional payments interconnectivity.”
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