EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Monday, March 27, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Malaysia’s DuitNow and Singapore’s PayNow to link in 2022

by moneycompass
September 27, 2021
in Local Market News
Bank Negara Malaysia (BNM) is in the process of reviewing cross-border payment services with other countries.
Share on FacebookShare on WhatsApp

KUALA LUMPUR – Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) today announced plans to commence a phased linkage of Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems.

The first phase of the DuitNow-PayNow linkage will be launched in the fourth quarter of 2022 and will allow customers of participating financial institutions to make real-time fund transfers between Malaysia and Singapore using just a mobile number.

“Customers will also be able to make retail payments by scanning DuitNow or NETS QR codes displayed at merchants’ storefronts. The project will enable more seamless payments for the high volume of remittances between Malaysia and Singapore, which reached RM4.2 billion in 2020,” the two regulators said in a joint statement.

It will also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average.

Following the launch, BNM and MAS will progressively expand the DuitNow-PayNow linkage to incorporate a wider range of features and participants. 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.

The DuitNow-PayNow linkage represents another significant milestone in the history of close ties between Malaysia and Singapore. The linkage closely aligns with the G20’s 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.

“By bringing the efficiencies observed in domestic payments to cross-border payments, the DuitNow-PayNow linkage will be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries.

“Not only would this initiative further strengthen the economic ties between Malaysia and Singapore, it would also serve as a key enabler to support post-pandemic economic growth,” said Fraziali Ismail, Assistant Governor of BNM.

Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “For Singapore, the remittance corridor with Malaysia is our largest remittance corridor; hence, the DuitNow-PayNow linkage will 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. This will further enhance close bilateral ties.”

 

Read more: 5 Strategies That Can Help Malaysians Boost Their Financial Resilience

Tags: ASEANBank Negara Malaysia (BNM)DuitNowPayNow
ShareSendShareSendTweetShare
Previous Post

Korean government actively supports ICT SMEs for overseas market entry to overcome COVID-19

Next Post

Maybank Investment Bank, UOB Malaysia jointly underwrite RM2bil Islamic facility for Malayan Cement Berhad’s acquisition exercise

Related Posts

Loh Guat Lan, President of LIAM
Local Market News

Life Insurers Offer Relief Measures to Assist Flood Victims

08 Mar 2023
Bursa Malaysia
Current News

Bursa Malaysia enhances Islamic securities

10 Feb 2023
Corporate News

JCorp Officially Launches JLand Group (JLG) to Capture Opportunities in New Economy Real Estate

18 Jan 2023

Discussion about this post

MOST POPULAR

  • 10 Ways to Curb Overspending

    10 Ways to Curb Overspending

    1 shares
    Share 0 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • ESG practices towards transformative change for a more sustainable world

    0 shares
    Share 0 Tweet 0
  • BIC Services announce new preferred supplier partnership.

    0 shares
    Share 0 Tweet 0
  • Shark Beauty™ Launches the Shark FlexStyle™ Air Styling & Drying System and Celebrates Hair Diversity in For All Hairkind™ Campaign

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER