What future enhancements are planned for this payment linkage?

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Future Enhancements for the Cross-Border Payment Linkage

The payment linkage between Malaysia and Indonesia is set to undergo future enhancements to support cross-border remittance, allowing users in both countries to conduct real-time fund transfers with greater convenience. This expansion aims to further streamline financial transactions and deepen economic ties between the two nations.
Expansion to Include Cross-Border Remittance

The current cross-border QR payment linkage, launched by Bank Negara Malaysia and Bank Indonesia, is planned to evolve beyond retail payments. Future developments will specifically target the integration of cross-border remittance services. This means individuals will gain the ability to send funds between Malaysia and Indonesia in real-time, offering a more efficient and accessible channel for financial transfers.
Enhanced Convenience for Fund Transfers

This planned enhancement is designed to provide users in both Malaysia and Indonesia with a more convenient method for making cross-border fund transfers. By enabling real-time transactions, the initiative seeks to reduce the time and complexity often associated with traditional remittance methods, thereby benefiting individuals and businesses alike.
Contribution to ASEAN Payment Systems Network

The expansion of this linkage aligns with the broader vision of creating an Association of Southeast Asian Nations (Asean) network of fast and efficient retail payment systems. Such developments are seen as crucial steps in accelerating digital transformation and financial integration across the region, fostering a more connected economic landscape.

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What future enhancements are planned for this payment linkage?

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