The international digital payment ecosystem within the SEA region is now better than ever thanks to the key reveal of cross-border efforts between Singapore, Indonesia, and Malaysia.
First up, our Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) have officially approved the cross-border Quick Response (QR) payment linkage that will allow seamless retail payments between merchants residing in the respective countries.
Indonesians will be able to scan and recognize our local NETS QR code while we Singaporeans will be able to do the same on their QRIS (Quick Response Conde Indonesian Standard) as well.
They are also planning to launch a local currency settlement framework next year that will tackle even more forms of monetary and assets such as trades and investments.
For Malaysia’s side, it is more or less the same in a practical sense but is done so with Singapore’s PayNow and Malaysia’s DuitNow system.
Announced back in March, this fast and secure platform will now be able to transfer funds of up to $1,000 or RM3,000 daily via the recipient’s mobile phone number.
Currently, the service is only made available for selected groups of banks and users in both countries but is gradually rolling out to more people until the end of January 2024 for completion.
With the announcement, Singapore is committed to continue bringing more opportunities and convenience to the people through international collaborations and initiatives in the fintech world.
