Cross-border Payment Linkages

Our payments connectivity initiatives offer greater convenience for cross-border fund transfers and small-value payments. Users in Singapore and our partner jurisdictions are able to transfer funds directly to one another’s bank accounts or e-wallets almost instantly, using just a mobile number or QR code.

Bilateral Linkages

Singapore – India	Launch of Real-time Payments between Singapore and India on 21 February 2023 Singapore’s PayNow and India’s UPI to Link in 2022 on 14 September 2021
Singapore – Indonesia	Launch of Cross-border QR Payments Linkage between Indonesia and Singapore on 17 November 2023 Indonesia and Singapore to Pursue Cross-border QR Code Payments Connectivity and Explore Promoting the Use of Local Currencies for Bilateral Transactions on 29 August 2022 Bank Indonesia and Monetary Authority of Singapore Expand Cooperation across Central Banking, Financial Regulation and Innovation on 21 January 2022
Singapore – Malaysia	Launch of Cross-border Real-time Payment Systems Connectivity between Singapore and Malaysia on 17 November 2023 Launch of Cross-border QR Code Payments Connectivity between Singapore and Malaysia on 31 March 2023 Singapore’s PayNow and Malaysia’s DuitNow to Link in 2022 on 27 September 2021
Singapore – Philippines	MAS and BSP to Pursue Cross-border Payment Linkages on 8 November 2021
Singapore – Thailand	NETS and Thai counterpart National ITMX expand national cross-border QR payment collaboration on 4 August 2022 Singapore and Thailand Launch World's First Linkage of Real-time Payment Systems on 29 April 2021

Multilateral Linkage

Project Nexus

BIS’s Project Nexus prototype successfully links Eurosystem, Malaysia and Singapore payment systems; partners in Indonesia, Malaysia, the Philippines, Singapore and Thailand to work towards wider payment connectivity on 23 March 2023
BIS Innovation Hub and Monetary Authority of Singapore publish proposal for enhancing global real-time retail payments network connectivity on 28 July 2021

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Cross-border Payment Linkages

Media Releases

Bilateral Linkages

Multilateral Linkage