, Singapore
1640 views

Singapore, Malaysia to link real-time payment systems PayNow, DuitNow

Remittances between the two countries reached S$1.3b in 2020.

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) will commence the phased linkage of Singapore’s PayNow and Malaysia’s DuitNow real-time payment systems.

The project will reportedly enable more seamless payments for the high volume of remittances between Singapore and Malaysia, which reached S$1.3b in 2020. It also aims to cater to travellers between the two countries, which pre-COVID averaged 12 million arrivals per year.

The first phase of the PayNow-DuitNow linkage will roll out in the fourth quarter (Q4) of 2022, and will allow customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number. 

By Q4 2024, PayNow and DuitNow users will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants’ storefronts.

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Arthur D. Little sees embedded finance growth to $350b in 2024
Generative AI and the expansion of fintech brands into the insurance sector are predicted to propel the industry’s advancement to new heights.
Financial Technology
Gen AI to add up to $340b new value to banks: McKinsey
It will add $56b and $54b in new value to corporate and retail banking, respectively.
Corporate lending in South Korea rise in Q3
Depository corporations increased industrial lending by approximately US$24.41b
Lending & Credit

Exclusives

Arthur D. Little sees embedded finance growth to $350b in 2024
Generative AI and the expansion of fintech brands into the insurance sector are predicted to propel the industry’s advancement to new heights.
Financial Technology
OCBC Indonesia undergoes rebranding, logo change for a unified financial future
The emblematic change carries OCBC Group’s ‘One Brand, One Group Unity’ strategy across markets in Singapore, Malaysia, Hong Kong, Macau, and mainland China.
Bank DBS Indonesia avails fast, reliable and sustainable corporate banking
Its ESG-based bank financing, as reflected in sales and asset under management, proves to be an IDR1.8t (US$117m) success.