Wednesday, July 9, 2025
Social icon element need JNews Essential plugin to be activated.
No Result
View All Result
Stocks and Markets Update
  • Home
  • Business
  • Economy
  • Stocks
  • Investing
  • Markets
  • Crypto
  • Real Estate
  • PF
  • Forex
  • Startups
  • Fintech
  • Analysis
  • Home
  • Business
  • Economy
  • Stocks
  • Investing
  • Markets
  • Crypto
  • Real Estate
  • PF
  • Forex
  • Startups
  • Fintech
  • Analysis
No Result
View All Result
Stocks and Markets Update
No Result
View All Result

Ravi Menon, Perry Warjiyo Unveil Singapore-Indonesia QR Code Linkage

November 19, 2023
in Fintech
Reading Time: 3 mins read
A A
0
Ravi Menon, Perry Warjiyo Unveil Singapore-Indonesia QR Code Linkage

[ad_1]

Ravi Menon, Perry Warjiyo Unveil Singapore-Indonesia QR Code Linkage



by Fintech Information Singapore

November 17, 2023

Financial institution Indonesia (BI) and the Financial Authority of Singapore (MAS) have inaugurated a cross-border QR fee linkage connecting each nations.

The linkage was launched on the Singapore Fintech Competition 2023 by BI Governor Perry Warjiyo and MAS Managing Director Ravi Menon.

This linkage will allow prospects of collaborating monetary establishments to make seamless cross-border retail funds utilizing their present cellular banking purposes to scan QRIS (Fast Response Code Indonesian Commonplace) or NETS QR codes displayed by retailers in Indonesia and Singapore, respectively.

Collaborating monetary establishments from Singapore are OCBC and UOB, with DBS becoming a member of at a later stage. Collaborating monetary establishments from Indonesia are PT Financial institution Central Asia Tbk, PT Financial institution CIMB Niaga Tbk, PT Financial institution Pembangunan Daerah Bali, PT Financial institution Permata Tbk, PT Financial institution Syariah Indonesia Tbk, PT Financial institution Mega Tbk, PT Financial institution Sinarmas Tbk, PT Financial institution Rakyat Indonesia Tbk, PT Espay Debit Indonesia Koe, PT Netzme Kreasi Indonesia.

The profitable implementation of this QRIS-NETS QR fee linkage is the results of sturdy trade collaboration, involving key companions such because the Indonesian Cost System Affiliation (ASPI), RAJA, Community for Digital Transfers (Singapore) Pte. Ltd (NETS), and a number of other monetary establishments from each nations.

The launch marks a considerable step within the collaborative efforts of BI and MAS to unify the digital economic system and monetary ecosystem of the 2 nations. It’s significantly helpful for micro and small companies, providing them entry to a broader buyer base. The system can also be well timed for the growing variety of vacationers between the nations, with statistics exhibiting vital journey rebound post-pandemic within the first half of 2023.

Additional strengthening this monetary cooperation, BI and MAS have signed a Letter of Intent (LOI) to arrange a neighborhood forex settlement framework.

Anticipated to be operational in 2024, this framework will facilitate smoother settlement of cross-border funds, together with QR funds, commerce, and investments, in native currencies. This initiative, aligned with the ASEAN monetary integration efforts, goals to minimise alternate fee dangers and prices for companies.

Perry Warjiyo, Governor, Bank Indonesia

Perry Warjiyo

Perry Warjiyo, Governor of Financial institution Indonesia stated,

“In our ongoing dedication, we’re additionally excited to announce our strategic initiative to advertise a wider use of native currencies in bilateral transactions by means of the LCT framework, which is predicted to be carried out in 2024.

 

After LCT Framework implementation, the cross-border QR fee linkage initiative will use direct quotations of native forex alternate charges offered by the Appointed Cross Forex Supplier (ACCD) banks.”

Ravi Menon

Ravi Menon

Ravi Menon, Managing Director of MAS, stated,

“The QRIS-NETS QR fee linkage will promote cross-border e-commerce actions and tourism spending throughout Singapore and Indonesia, by people and small companies.

 

The upcoming native forex settlement framework by BI and MAS will complement this fee linkage by facilitating using Indonesia Rupiah and Singapore Greenback for the settlement of cross-border funds.”

Get the most popular Fintech Singapore Information as soon as a month in your Inbox

[ad_2]

Source link

Tags: CodeLinkageMenonPerryRaviSingaporeIndonesiaUnveilWarjiyo
Previous Post

Central Bank Money Fintech Raises £77.7M in Series B from Banks and Clearing Houses – Fintech Schweiz Digital Finance News

Next Post

Swiss Digital Asset Company Taurus Expands to Dubai – Fintech Schweiz Digital Finance News

Next Post
Swiss Digital Asset Company Taurus Expands to Dubai – Fintech Schweiz Digital Finance News

Swiss Digital Asset Company Taurus Expands to Dubai - Fintech Schweiz Digital Finance News

Instant P2P Fund Transfers Now Enabled Between Singapore and Malaysia

Instant P2P Fund Transfers Now Enabled Between Singapore and Malaysia

Market Update – November 17

Market Update – November 17

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Fintech
  • Forex
  • Investing
  • jutawantoto
  • lingtogel77
  • Market Analysis
  • Markets
  • Personal Finance
  • Real Estate
  • Startups
  • Stock Market
No Result
View All Result

LATEST UPDATES

  • Jutawantoto: Recommendations for Alternative Toto Sites & the Best Toto Accounts in Indonesia
  • Jutawantoto: Situs Toto Alternatif & Daftar Akun Toto Bergengsi
  • Jutawantoto: Register for a Toto Account & Official and Trusted Alternative Toto Site 2025
  • Jutawantoto: 4D Online Toto Togel Site & Prestigious Official Bookie
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Money Wise Inc.
Money Wise Inc is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Business
  • Economy
  • Stocks
  • Investing
  • Markets
  • Crypto
  • Real Estate
  • PF
  • Forex
  • Startups
  • Fintech
  • Analysis

Copyright © 2023 Money Wise Inc.
Money Wise Inc is not responsible for the content of external sites.