Central Banking

MAS and BSP to pursue retail payment linkage

Mobile payments

Singapore and the Philippines are working on a cross-border payment linkage, after the central banks of the two countries signed an agreement to enhance their co-operation in fintech.

The central banks aim at building “instant, seamless and low-cost cross-border payments” between Singapore’s Paynow and the Philippines’ InstaPay, the institutions said in a statement on November 8.

The potential linkage would mark the first cross-border real time payment connection for the Central Bank of the

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