BNM Showcases Cross-Border QR Payment Linkages in SS2023

Bank Negara Malaysia (BNM) successfully hosted its inaugural BNM Sasana Symposium 2023 (SS2023) at the prestigious Sasana Kijang, attracting over 700 attendees. The one-day event delved into significant topics through seven panel sessions and a captivating showcase of cross-border QR payment linkages.

During the SS2023 launch, Tan Sri Nor Shamsiah Mohd Yunus, the Governor of Bank Negara Malaysia, underscored the criticality of implementing structural reforms to secure the nation’s future. Stressing the importance of fortifying defenses against crises, examining growth potential, and meeting sustainable goals, the Governor highlighted the need to rebuild buffers and enhance adaptability to manage risks and seize unforeseen opportunities. In addressing Malaysia’s challenges, a comprehensive approach involving all segments of society is indispensable, making the Symposium’s theme apt: “Structural Reforms for a Stronger Malaysia.”

One of the key highlights of SS2023 was the demonstration of Malaysia’s cross-border QR payment linkages with Indonesia, Singapore, and Thailand. The event featured an engaging exhibition with food vendors representing Malaysia, Indonesia, Singapore, and Thailand. Participants had the unique opportunity to experience real-time cross-border QR payments by purchasing delectable local cuisine from vendors representing the participating countries.

Thanks to collaborative efforts between financial institutions, customers can now conveniently make retail payments by scanning QRIS, NETS, and PromptPay QR codes through mobile banking or e-wallet apps. This versatile payment solution enables seamless transactions for in-person purchases at physical stores as well as online e-commerce activities. Additionally, tourists from Indonesia, Singapore, and Thailand visiting Malaysia can also enjoy the same hassle-free payment experience.

By hosting SS2023 and showcasing the innovative cross-border QR payment linkages, Bank Negara Malaysia has underscored its commitment to driving structural reforms and empowering a stronger Malaysia. The symposium’s success serves as a testament to the nation’s proactive approach in embracing technological advancements for enhanced financial inclusivity and seamless international transactions.

8 June 2023

Author: VSDaily Editor

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