Electronic Payments
Bank for International Settlements (BIS) Innovation Hub and MAS publish proposal for enhancing global real-time retail payments network connectivity
28 July 2021
The BIS Innovation Hub Singapore Centre and MAS proposed a blueprint to enhance global payments network connectivity via multilateral linkages of countries’ national retail payment systems. The blueprint outlined how countries could fully integrate their retail payment systems onto a single cross-border network, allowing customers to make cross-border transfers instantly and securely via their internet devices.
Singapore’s PayNow and India’s UPI to link in 2022
14 September 2021
MAS and the Reserve Bank of India announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payments systems by July 2022. The PayNow-UPI linkage will enable users to make instant, low-cost fund transfers directly from one bank account to another between Singapore and India. This connectivity will be a milestone in the development of next-generation infrastructure for cross-border payments between Singapore and India, and is closely aligned with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.
Singapore’s PayNow and Malaysia’s DuitNow to link in 2022
27 September 2021
The first phase of the PayNow-DuitNow linkage will be launched in the fourth quarter of 2022, allowing customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number. Customers will also be able to make retail payments using NETS or DuitNow QR codes, as well as seamless remittances between Singapore and Malaysia.
MAS and Bangko Sentral ng Pilipinas (BSP) to pursue cross-border payment linkages
8 November 2021
MAS and BSP signed an enhanced FinTech Cooperation Agreement (CA) to facilitate interoperable payments between Singapore and the Philippines. The enhanced CA builds on an earlier 2017 agreement and broadens the scope of FinTech collaboration and partnership between MAS and BSP.
The Association of Banks in Singapore (ABS) launches nationwide eGIRO service
8 November 2021
ABS, with the support of MAS, launched the nationwide eGIRO service to fully digitise the current paper-based GIRO process. The eGIRO service processes applications efficiently and securely within minutes, enabling consumers and billing organisations to set up their GIRO instructions in real time. The eGIRO service marked a significant step towards a more inclusive digital economy, in line with MAS' vision to drive interoperable solutions and seamless digital services.