Electronic Payments
MAS and Bank Indonesia (BI) to pursue cross-border QR code payments connectivity
29 August 2022
MAS and BI announced the commencement of work on a cross-border QR payment linkage between Singapore and Indonesia, as part of the ASEAN-wide payments connectivity effort.
Consultation Paper on strengthening participation in Singapore Quick Response Code Scheme (SGQR)
27 September 2022
MAS and the Infocomm Media Development Authority (IMDA) issued a consultation paper to seek views on proposed guidelines to strengthen the existing standards, governance and participation rate of SGQR. These improvements aim to promote the use of e-payments in Singapore, and place SGQR in a good position for future enhancements for greater interoperability between participating payment schemes and for cross-border connectivity.
Consultation Paper on roadmap to terminate the Singapore Dollar (SGD) cheque truncation system
2 November 2022
MAS sought views on proposed initiatives to eliminate corporate cheques by 2025, and to encourage and assist remaining users of centrally cleared cheques in switching to alternative payment methods. These initiatives formed part of a roadmap to terminate the SGD cheque truncation system in the medium term.
MAS signed memorandum of understanding (MoU) on Cooperation in Regional Payment Connectivity with ASEAN-4 central banks
14 November 2022
MAS, BI, Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), and Bank of Thailand (BOT) agreed to enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments. The MoU on Cooperation in Regional Payment Connectivity was signed in Bali, Indonesia, on the sidelines of the G20 Leaders’ Summit.
Launch of real-time payments between Singapore and India
21 February 2023
MAS and the Reserve Bank of India (RBI) launched the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI), which enabled customers of participating financial institutions (FIs) to send and receive funds between bank accounts or e-wallets across the two countries in real-time. The linkage would provide customers with a safe, simple and cost-effective way to make cross-border fund transfers.
Project Nexus: Completion of technical proof-of-concept; ASEAN-5 central banks to partner in developing real-world viability
23 March 2023
The BIS Innovation Hub (BISIH), MAS, Banca d’Italia and BNM, successfully connected the instant payment systems of Singapore, the Eurosystem, and Malaysia via Nexus. This marked the end of the Proof-of-Concept phase, where the technical requirements, learning points and conclusions were detailed in an accompanying report. Under the next phase, BISIH and ASEAN-5 central banks would develop a model to enable real-world implementation of this multilateral instant payments network.
Launch of QR code payments connectivity between Singapore and Malaysia
31 March 2023
MAS and BNM launched the linkage between Singapore’s NETS QR and Malaysia’s DuitNow QR, enabling customers of participating FIs to make cross-border payments to merchants i.e. Singapore residents can make QR code payments at shops and restaurants in Malaysia, with Malaysia residents being able to do the same when in Singapore. The linkage could potentially boost tourist spending, enabling merchants to tap on a wider pool of consumers who would have more payment options available.