According to the two banks’ joint announcement, the move will allow consumers of participating financial institutions to make retail payments through NETS QR and DuitNow QR codes.
It’s also considered as a key milestone in the on-going bilateral collaboration to enhance cross-border payments connectivity.
With pre-pandemic annual traffic between the two countries averaging 12 million visitors, the payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments.
This initiative is testament to both countries’ commitment to improve the cost, speed, access and transparency of cross-border payments, in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
Following the launch of the cross-border QR payment, Singapore and Malaysia will be expanding their partnership to include cross-border account-to-account fund transfers and remittances. This will allow users to make real-time fund transfers between Singapore and Malaysia conveniently using just the recipient’s mobile phone number via PayNow and DuitNow.
