Bank Negara Malaysia (BNM), in a joint partnership with the Monetary Authority of Singapore (MAS), launched the cross-border payment and real-time payment systems linkage. The move allows individuals within both countries to transfer money out and into their respective countries, via the use of Malaysia’ DuitNow and Singapore PayNow systems.
“The DuitNow-PayNow linkage enables instant, secure and cost-effective P2P fund transfers and remittances between the two countries. This real-time payment systems linkage is also the first to include the participation of non-bank financial institutions from both countries, providing access to a broader group of users. Consumers of participating financial institutions are now able to send and receive funds of up to RM3,000 or S$1,000 daily by using the recipient’s mobile phone number or VPA.”
Malaysian financial institutions that are supporting the cross-border payment system via DuitNow are Maybank, CIMB, and TNG Digital. At the time of writing, no other banks are being listed by it is expected that more banks will be jumping on the bandwagon soon.
To help Malaysians get started, DuitNow already has a simple step-by-step instructions page up on its official website. Firstly, you need to get logged into your participating bank’s app. Once logged in, simply enter or select the Singaporean number on your list or Virtual Payment Address (VPA), key in the amount you wish to send, press “Done”, and presto. You’ve sent money into Singapore.
