British banking giant Standard Chartered Bank has announced a partnership with Allinpay Merchants Services (Singapore) to facilitate real-time international transactions through QR code.

Under the tie-up, Allinpay merchants in Hong Kong will be able to receive PayNow instant payments in Singapore dollars using QR code.  

Users of Singapore PayNow can convert their purchases in Hong Kong dollar (HKD) instantly to the equal amount of Singapore dollar (SGD) through PayNow QR code.

The collaboration will leverage Standard Chartered’s proprietary products such as its omnichannel gateway, Straight2Bank Pay, and API-driven FX pricing solution, SCALE.

Merchants employing both online and offline payments options will benefit from the alliance.

They will not be required to make any new technological investment, infrastructure integration or operational transformation to their existing set up.   

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Besides, the merchants are expected to earn additional revenues from Singapore tourists as the Covid19-induced travel restrictions are gradually being lifted.

Standard Chartered Bank head of cash products in Singapore and ASEAN Ankur Kanwar said: “Standard Chartered is thrilled to partner Allinpay and bring this collaboration to life.

“By achieving this crucial milestone to accelerate the greater use of contactless cross-border payments, we’re laying the tracks for a whole new digital world of transactions.

“With capabilities to access over 20 instant payments infrastructures globally, we look forward to extending this solution to more markets in the future, enabling our fintech partners to deliver a fast and frictionless experience to their merchants and boost the tourism economy.”

The latest alliance follows a strategic investment made by Standard Chartered in Partior, a Singapore-based blockchain-powered clearing and settlement platform.