The central banks of Singapore and Malaysia have linked the countries’ smartphone QR code payment systems to allow for cross-border transactions, with plans to begin person-to-person remittance services by the end of 2023.
QR code payments from Singapore’s Network for Electronic Transfers (NETS) and Malaysia’s DuitNow can be used interchangeably by visitors to either country. Cross-border online transactions are supported as well.
Both systems are widely used in their respective country, with multiple financial institutions and companies participating.
On the Singapore side, this includes DBS Bank, Oversea-Chinese Banking Corp., and United Overseas Bank. Nine Malaysian banks and companies are participating, including CIMB Bank and Maybank.
The two countries also plan to allow remittances between individual accounts later this year, which would make it possible to send money in real-time, with just the recipient’s phone number, via Singapore’s PayNow and Malaysia’s DuitNow services.