Cross-Border QR Between Singapore and Indonesia Launched

Cross-Border QR Between Singapore and Indonesia Launched: Enhancing Financial Connectivity

Bank Indonesia (BI) has initiated a trial connecting its QR-based payment system with Singapore’s. This move involving QR Between Singapore and Indonesia follows BI’s agreement with the Monetary Authority of Singapore last year.

The QR code integration is achieved through the joint efforts of industry representatives from both nations, with BI and MAS serving as collaborative leaders. This partnership involves key entities such as the Indonesian Payment System Association (ASPI), along with RAJA (comprising Rintis, Artajasa, Jalin, and Alto) and NETS.

 

Revolutionising Transactions with QRIS

Utilizing the Quick Response Indonesia Standard (QRIS), users from both Singapore and Indonesia can conduct transactions seamlessly, eliminating the need for currency exchange or credit cards. The connectivity is expected to help individuals and businesses conduct cross-border trade and also support international tourism growth.

In parallel, the Monetary Authority of Singapore (MAS) has released the final tranche of regulations for Digital Payment Token (DPT) service providers. These regulations, effective from mid-2024, aim to enhance business conduct, consumer access measures, and technology and cyber risk management for DPT services in Singapore.

 

Navigating the Regulatory Landscape with 3E Accounting Singapore

As Singapore and Indonesia pave the way for smoother cross-border financial transactions, 3E Accounting Singapore stands ready to assist businesses and investors looking to capitalize on the burgeoning opportunities in the region. With a comprehensive suite of corporate services, we aim to facilitate your seamless entry into Singapore’s dynamic and regulated business environment. Contact us to know more about our services.