The central banks of Singapore and Indonesia are set to implement QR codes for cross-border payments between the two nations.
Both Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have announced plans to integrate this technology into their payment systems by the end of the year. The initiative, first revealed in August 2022, is reportedly halfway to completion, with three-quarters of the beta testing already completed, according to BI Deputy Governor Filianingsih Hendarta.
Singapore has been a pioneer in this area, launching what it claimed was the world’s first unified payment QR code back in 2018. Since then, Singapore has successfully conducted a cross-border pilot with Malaysia, and Indonesia and Thailand have also connected their respective payment systems.