Central Banking

Singapore and Malaysia to link payment systems

Regulators see potential of using distributed ledger technology in cross-border payment linkage

asia pacific

Singapore and Malaysia will connect their domestic real-time payment systems starting from next year, said the Monetary Authority of Singapore and Bank Negara Malaysia.

The first phase of the linkage between Singapore’s PayNow and Malaysia’s DuitNow will launch in the fourth quarter 2022, according to a joint statement published on September 27.

Users will be able to transfer funds across the border using mobile numbers. The regulators did not disclose whether the daily amount of transfers

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