The Monetary Authority of Singapore has announced a faster payments partnership with Malaysia.
In Brief:
MAS will link Singapore’s PayNow with Malaysia’s DuitNow.
The first phase of the linked real-time payment systems will be launched at the end of next year.
It will enable transfers between Singapore and Malaysia in real time.
What does this mean?
Customers of participating financial institutions will be able to make real time payments between the two countries using just a mobile number, which will be especially useful for remittances.
