You can now transfer funds P2P instantly between Singapore and Malaysia via DuitNow, PayNow

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Bank Negara Malaysia (BNM) today announced the launch of cross-border real-time payment systems connectivity between Malaysia and Singapore. This allows for instant person-to-person (P2P) cross-border fund transfers via Malaysia’s DuitNow and Singapore’s PayNow systems. 

In a press release, BNM said that the system is in collaboration with its Singapore counterpart Monetary Authority of Singapore (MAS) and is a continuation of the QR payment linkage announced on 31 March. The DuitNow-PayNow linkage enables instant, secure and cost-effective P2P fund transfers and remittances between the two countries.

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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 RM3000 or SGD1000 daily by using the recipient’s mobile phone number or virtual payment address (VPA).

As of right now, the system is available for CIMB Bank, Maybank and TNG Digital users in Malaysia. Meanwhile, in Singapore, the system is available for Liquid Group, Maybank Singapore, OCBC and UOB. 

BNM also confirmed that Malaysia’s Hong Leong Bank and Singapore’s DBS will join at a later stage. 

So, what do you guys think of the new system? Share your thoughts with us in the comments below and stay tuned to TechNave for more trending tech news.