Hanoi (VNA) – The Monetary Authority of
Singapore (MAS) and Bank Indonesia (BI) have freshly debuted a cross-border
quick response (QR) payment linkage between the two nations.
In a joint media release, the two central banks said this
linkage enables customers of participating financial institutions to make
seamless cross-border retail payments using their existing mobile banking
applications to scan QRIS (Quick Response Code Indonesian Standard) or NETS QR
codes displayed by merchants in Indonesia and Singapore, respectively.
MAS Managing Director Ravi Menon said the linkage will
promote cross-border e-commerce activities and tourism spending across
Singapore and Indonesia, by individuals and small businesses.
With travel rebounding in the post-pandemic period, in the first half of
2023, there were 600,000 arrivals from Singapore to Indonesia, and 1.1 million
travellers from Indonesia to Singapore, according to official statistics.
BI and MAS have also signed a Letter of Intent (LOI) to
establish a local currency settlement framework, which will be operationalised