MAS, BSP partner for cross-border payment linkages

The deal will focus on real-time and QR payment systems.

The Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) revealed a partnership that targets cross-border payment linkages.

Linkage of both countries, real-time and QR payment systems will be the focus of the deal in order to provide low-cost border payments.

This initiative is set to assist the remittance flows between the two countries, as a total of $2.89b was recorded in 2020. This is also expected to cater to the pre-pandemic yearly average of around 900,000 travellers between the two.

The enhanced Fintech Cooperation Agreement builds on a 2017 agreement to expand the scope of the fintech partnership between MAS and BSP.

It also aligns with the G20’s efforts to tackle obstacles in global cross-border payments, as well as add to the Association of Southeast Asian Nations’ (ASEAN) goal of establishing regional payments integration by 2025. Both departments will also explore multilateral interoperability of these projects to further strengthen linkages within ASEAN and countries outside the region.

MAS Managing Director Ravi Menon said that these enhancements are expected to help in fast-tracking payments connectivity between the two countries. More importantly, he added that the linking of QR and real-time payment systems is a step towards the vision of an interconnected ASEAN network.

Follow the link s for more news on

BSP

MAS

Cross-border payments

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia