KUALA LUMPUR, Sept 27 (NNN-Bernama) — Malaysia’s central bank, Bank Negara Malaysia (BNM), and the Monetary Authority of Singapore (MAS) plan to begin a phased linkage of Malaysia\u2019s DuitNow and Singapore\u2019s PayNow real-time payment systems.<\/p>\n\n\n\n
BNM said the first phase of the DuitNow-PayNow linkage would be launched in the fourth quarter of 2022 and would allow customers of participating financial institutions to make real-time fund transfers between Malaysia and Singapore using just a mobile number.<\/p>\n\n\n\n
“Customers will also be able to make retail payments by scanning DuitNow or NETS QR codes displayed at merchants\u2019 storefronts.<\/p>\n\n\n\n
“The project will enable more seamless payments for the high volume of remittances between Malaysia and Singapore, which reached RM4.2 billion in 2020,” it said in a statement Monday.<\/p>\n\n\n\n
The central bank said the project would also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average.<\/p>\n\n\n\n
Following the launch, BNM and MAS will progressively expand the DuitNow-PayNow linkage to incorporate a wider range of features and participants.<\/p>\n\n\n\n
“Both regulators will also explore the feasibility of integrating innovative features such as distributed ledger technology-based solutions to catalyse greater efficiencies in payments clearing and settlement between participating banks,” it said.<\/p>\n\n\n\n
BNM said the DuitNow-PayNow linkage represented another significant milestone in the history of close ties between Malaysia and Singapore.<\/p>\n\n\n\n
“The linkage closely aligns with the Group of 20\u2019s work of driving faster, cheaper, more inclusive and more transparent cross-border payments, and is a concrete step towards achieving an ASEAN network of linked real-time payment systems,” it said.<\/p>\n\n\n\n
BNM assistant governor Fraziali Ismail said this initiative would further strengthen the economic ties between Malaysia and Singapore, as well as serve as a key enabler to support post-pandemic economic growth.<\/p>\n\n\n\n
MAS chief FinTech officer Sopnendu Mohanty said the DuitNow-PayNow linkage would 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.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Sept 27 (NNN-Bernama) — Malaysia’s central bank, Bank Negara Malaysia (BNM), and the Monetary Authority of Singapore (MAS) plan to begin a phased linkage of Malaysia\u2019s DuitNow and Singapore\u2019s PayNow real-time payment systems. BNM said the first phase of the DuitNow-PayNow linkage would be launched in the fourth quarter of 2022 and would […]<\/p>\n","protected":false},"author":30,"featured_media":146002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/146000"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=146000"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/146000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/146002"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=146000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=146000"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=146000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}