On 31 March 2023, the Monetary Authority of Singapore (“MAS“) and Bank Negara Malaysia (“BNM“) launched a cross-border QR code payment linkage between Singapore and Malaysia. The payment linkage will allow customers of participating financial institutions to make retail payments by scanning NETS QR and DuitNow QR codes. It also supports online cross-border e-commerce transactions.
By way of background, NETS QR is the QR code solution operated by Singapore’s electronic payment network, Network for Electronic Transfers (Singapore) Pte. Ltd (“NETS“), and DuitNow QR is the national QR code solution in Malaysia operated by Payments Network Malaysia Sdn. Bhd. (PayNet). NETS QR and DuitNow QR allow merchants to accept payments from customers of participating financial institutions using a unified QR code.
The participating financial institutions as at 31 March 2023 are as follows:
(a) Singapore – DBS Bank, OCBC Bank and UOB.
(b) Malaysia – Ambank Malaysia Berhad, Boost, CIMB Bank Berhad, Hong Leong Bank Berhad, Malayan Banking Berhad, Public Bank Berhad, Razer Merchant Services Sdn. Bhd.,TNG Digital Sdn. Bhd., and United Overseas Bank Malaysia Berhad.
The NETS-DuitNow QR code payment linkage is a key milestone in the on-going collaboration between Singapore and Malaysia to enhance cross-border payments connectivity. This initiative is testament to both countries’ commitment to improve the cost, speed, access and transparency of cross-border payments, in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
