Singapore and Indonesia Launch Cross-Border QR Payments for Enhanced Financial Integration

The Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) have launched a cross-border QR payment linkage, allowing customers to make retail payments seamlessly between Singapore and Indonesia. Users can scan NETS QR codes or QRIS codes using their mobile banking applications, enhancing payment convenience and economic connectivity.

The initiative is seen as a significant achievement in the joint efforts of BI and MAS to integrate the financial ecosystem and digital economy. It aims to empower micro-enterprises and benefit travelers between the two nations, with a focus on reducing risks and expenses related to exchange rate fluctuations.

A letter of intent has been signed for a local currency settlement framework, operational in 2024, further facilitating cross-border payments, investments, and commerce. The framework aligns with ASEAN financial integration goals, promoting the broader adoption of local currencies within transactions.

Ravi Menon, managing director of MAS, emphasizes that the QRIS-NETS QR payment linkage encourages cross-border e-commerce and travel expenditures. The upcoming local currency settlement framework is expected to complement this initiative, providing more options for settling cross-border payments.