Malaysia’s DuitNow to link with Singapore’s PayNow

Bank Negara assistant governor Fraziali Ismail (pic) said this initiative would further strengthen the economic ties between Malaysia and Singapore, as well as serve as a key enabler to support post-pandemic economic growth.

KUALA LUMPUR: Bank Negara and the Monetary Authority of Singapore (MAS) plan to begin a phased linkage of Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems.

Bank Negara said the first phase of the DuitNow-PayNow linkage would be launched in the fourth quarter of 2022 and would allow customers of participating financial institutions to make real-time fund transfers between Malaysia and Singapore using just a mobile number.