View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 28, 2021

Singapore and Malaysia to connect fast payment systems

By Shalini mani

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have teamed up to drive cross-border fund transfers via mobile numbers.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

As part of this, the regulators will implement a phased linkage of Singapore’s PayNow and Malaysia’s DuitNow real-time payment systems.

The first phase, which is set to launch in the fourth quarter of 2022, will enable customers of both payment systems to make real-time fund transfers between both countries.

Besides, they will be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants’ storefronts.

MAS and BNM also plan to expand the PayNow-DuitNow linkage to integrate a range of features and participants in the next phase.

They will evaluate the feasibility of integrating features such as distributed ledger technology-based solutions to boost payments clearing and settlement between participating banks.

MAS chief fintech officer Sopnendu Mohanty said: “Singapore’s remittance corridor with Malaysia is our largest remittance corridor; hence, the PayNow-DuitNow linkage will be an important infrastructure to support cross-border payment needs of individuals and businesses, as well as the growing digital economic activity between both countries.”

Mohanty also added that the linkage will enable the regulators to incorporate the use of distributed ledger and smart contract technologies in the wholesale cross border payments space

BNM assistant governor Fraziali Ismail said the initiative will further strengthen the economic ties between Singapore and Malaysia.

Ismail commented: “By bringing the efficiencies observed in domestic payments to cross-border payments, the PayNow-DuitNow linkage will be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries,”

Recently, the MAS and Reserve Bank of India announced a project to link India’s UPI and Singapore’s PayNow fast payment systems.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International