The MAS and Bank Negara Malaysia Launch a Cross-border Real-time Payment System linkage between PayNow and DuitNow

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The MAS and Bank Negara Malaysia Launch a Cross-border Real-time Payment System linkage between PayNow and DuitNow

Launch of Cross-border Real-time Payment Systems Connectivity between Singapore and Malaysia

Person-to-person (P2P) cross-border fund transfers are now enabled via PayNow and DuitNow.
Users can transfer funds instantly between the two countries by using just the recipient’s mobile phone number or Virtual Payment Address (VPA)[1].

Singapore/Malaysia, 17 November 2023 - The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have jointly launched the real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow. The initiative follows the QR payment linkage announced on 31 March 2023 which enabled cross-border QR payments to merchants. MAS Managing Director Mr Ravi Menon and BNM Governor Mr Abdul Rasheed Ghaffour marked the launch by executing live cross-border fund transfers to each other at the Singapore FinTech Festival today.

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