Launch of Cross-border Real-time Payment Systems Connectivity between Singapore and Malaysia
- Person-to-person (P2P) cross-border fund transfers are now enabled via PayNow and DuitNow.
- Users can transfer funds instantly between the two countries by using just the recipient’s mobile phone number or Virtual Payment Address (VPA)[1].
Singapore/Malaysia, 17 November 2023 – The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have jointly launched the real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow. The initiative follows the QR payment linkage announced on 31 March 2023 which enabled cross-border QR payments to merchants. MAS Managing Director Mr Ravi Menon and BNM Governor Mr Abdul Rasheed Ghaffour marked the launch by executing live cross-border fund transfers to each other at the Singapore FinTech Festival today.
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