Posted Sep 28, 2021, 4:11 AM
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Join Date: Mar 2004
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Malaysia's DuitNow, Singapore's PayNow to link in 2022
By Farah Adilla - September 27, 2021 @ 12:20pm
Quote:
KUALA LUMPUR: Bank Negara Malaysia and the Monetary Authority of Singapore (MAS) have today announced plans to start a phased linkage of Malaysia's DuitNow and Singapore's PayNow real-time payment systems.
In a statement today, Bank Negara said the project would enable more seamless payments for the high volume of remittances between Malaysia and Singapore, which reached RM4.2 billion in 2020.
"It will also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average," the central bank added.
Bank Negara assistant governor Fraziali Ismail said by bringing the efficiencies observed in domestic payments to cross-border payments, the DuitNow- PayNow linkage would be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries.
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https://www.nst.com.my/business/2021...ynow-link-2022
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