Singapore and Indonesia launch cross-border QR-code payments; republic also have links with China, Thailand and Malaysia


SINGAPORE/JAKARTA (AFP): Singapore and Indonesia launched cross-border payment services Friday, the countries' central banks said, as part of a regional drive to boost connectivity.

Customers of a dozen banks in Singapore and Indonesia will now be able to make payments to merchants in both countries by scanning QR codes, Bank Indonesia and the Monetary Authority of Singapore (MAS) said in a joint statement.

The system "will promote cross-border e-commerce activities and tourism spending across Singapore and Indonesia", MAS Managing Director Ravi Menon said in the statement issued on Friday.

In the first half of 2023, over a million travellers entered Singapore from Indonesia -- the largest economy in Southeast Asia and the fourth most populous country in the world with 270 million people.

The two central banks will also establish a framework to allow cross-border payments to be settled in local currencies in 2024, the statement said.

Singapore has already established QR payment service links with China, Malaysia and Thailand.

"Users around the world should be able to send money across borders in a secure, efficient and affordable way," Menon said in a speech at the Singapore FinTech Festival earlier this week.

Singapore and Malaysia also announced a new service on Friday that enables people in the neighbouring countries to send instant payments across the border, MAS said in a joint statement with Malaysia's central bank.

Singapore already has similar services with Thailand and India. - AFP

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Aseanplus News

Blinken to attend G7 meeting in Italy, US State Department says
'Abang Adik' wins Best Film at the 10th Asian World Film Festival held in Los Angeles
Dr Wee is set to address key issues at the 11th GLA Conference in Bangkok
Asean News Headlines at 10pm on Friday (Nov 22, 2024)
Aaron-Wooi Yik, Pearly Thinaah bow out of China Masters
Japan government approves mammoth US$140bil stimulus with aims putting more cash into peoples' pocket
Man killed after public place shooting in Sydney's inner city
Gold bars, cash bundles in kimchi boxes: Millions seized from S. Korea tax dodgers
Action star Jackie Chan recalls earning his first HK$4mil pay cheque and buying 7 luxury watches in one go
Singapore raises 2024 growth forecast as recovery takes hold in good manner this year

Others Also Read