Singapore, Malaysia and Indonesia launch cross-border payment links

Indonesia and Singapore say they intend to set up local currency settlement framework in 2024

Monetary Authority of Singapore
The Monetary Authority of Singapore
George Johnson

The Monetary Authority of Singapore (MAS) has set up new cross-border payments links with the central banks of Malaysia and Indonesia, it announced on November 17.

The Singaporean central bank has led a series of cross-border payments projects with Asian countries. It announced similar real-time payments links with Thailand in 2021, and with India in February.

The Singapore-Indonesia agreement means travellers from one country to the other can pay for purchases by scanning unified QR codes

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