In a significant move towards financial integration, Singapore and Indonesia have officially launched a cross-border QR code payment linkage. This collaboration, announced at the Singapore FinTech Festival, enables customers of participating financial institutions in both countries to make retail payments effortlessly by scanning QR codes. The Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) jointly disclosed this development, marking a notable milestone in the efforts to promote greater digital economic integration and enhance financial connectivity between the two nations.
To facilitate payments, users can utilize their existing mobile banking applications to scan Quick Response Code Indonesian Standard (QRIS) or NETS QR codes displayed by merchants in the respective countries. This initiative is expected to provide enhanced payment convenience, enabling micro and small businesses to access a broader customer base in each other’s economies. The linkage is particularly timely, given the post-pandemic rebound in tourism between Singapore and Indonesia, with substantial numbers of travelers benefiting from the payment integration.
In a separate joint release, MAS and Bank Negara Malaysia (BNM) also announced the launch of a real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow. This linkage facilitates instant, secure, and cost-effective person-to-person funds transfers and remittances between Singapore and Malaysia.
Participating financial institutions in Singapore include OCBC and UOB, with DBS expected to join at a later stage. From Indonesia, the contributing institutions are Bank Central Asia, Bank Mega, Bank Pembangunan Daerah Bali, Bank Rakyat Indonesia, Bank Sinarmas, Bank Syariah Indonesia, CIMB Niaga, Espay Debit Indonesia Koe, Netzme Kreasi Indonesia, and PermataBank.
The cross-border QR code payment linkage aims to foster stronger economic ties and digital collaboration, emphasizing the commitment of both countries to embracing innovative solutions for financial transactions.
