Cross-Border QR Payment Services between Singapore and Indonesia Begins

Cross-Border QR Payment Services between Singapore and Indonesia Begins
Photo by Ketut Subiyanto:

On Friday (17/11/2023), the central banks of Singapore and Indonesia announced the launch of cross-border payment services, as part of an effort to enhance connectivity in the region. The joint statement from Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) said that customers of 12 banks in both countries can now pay merchants in either country by scanning QR codes.

MAS Managing Director Ravi Menon said that this system will boost cross-border e-commerce and tourism spending between Singapore and Indonesia. Indonesia is the largest economy and the fourth most populous country in Southeast Asia, with 270 million people. In the first half of 2023, more than a million travelers from Indonesia visited Singapore. The statement also said that the two central banks will set up a framework to allow cross-border payments in local currencies in 2024.

Singapore has already linked its QR payment service with China, Malaysia and Thailand. Menon said in a speech at the Singapore FinTech Festival earlier this week that “users around the world should be able to send money across borders in a secure, efficient and affordable way”. Singapore and Malaysia also introduced a new service on Friday that enables instant cross-border payments between the two neighboring countries, according to a joint statement from MAS and Malaysia’s central bank. Singapore has similar services with Thailand and India.

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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