Singapore’s PayNow to be linked with Malaysia’s DuitNow in phases from 2022
SINGAPORE: Singapore’s PayNow and Malaysia’s DuitNow shall be linked in phases from the fourth quarter of 2022, permitting prospects of collaborating monetary establishments to make real-time funds transfers between the 2 international locations utilizing cell numbers.
Clients will even have the ability to make retail funds by scanning NETS or DuitNow QR codes displayed at storefronts, the Financial Authority of Singapore (MAS) and Financial institution Negara Malaysia (BNM) stated in a joint media launch on Monday (Sep 27).
“The mission will allow extra seamless funds for the excessive quantity of remittances between Singapore and Malaysia, which reached S$1.three billion in 2020,” the central banks stated.
“It can additionally cater to travellers between each international locations which noticed sizeable pre-pandemic visitors of about 12 million arrivals yearly on common.”
Following the launch, the PayNow-DuitNow hyperlink shall be progressively expanded to supply extra options and embody extra members.
MAS and BNM will even “discover the feasibility of integrating modern options similar to distributed ledger technology-based options to catalyse larger efficiencies in funds clearing and settlement between collaborating banks”.
“The PayNow-DuitNow linkage represents one other vital milestone within the historical past of shut ties between Singapore and Malaysia,” stated MAS and BNM.
“The linkage intently aligns with the G20’s work of driving sooner, cheaper, extra inclusive and extra clear cross border funds, and is a concrete step in direction of attaining an ASEAN community of linked real-time fee programs.”