What is the main topic?

The main topic is the enhancement of cross-border payment linkages between Singapore and the Philippines by MAS and BSP.

What does the agreement aim to achieve?

The agreement aims to facilitate interoperable payments and enhance the safety and efficiency of cross-border transactions.

How does this initiative align with regional goals?

It supports ASEAN's goal of establishing regional payments integration by 2025 and aligns with G20 efforts to improve global payment systems.

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Home > Technology > MAS and BSP to Pursue Cross-border Payment Linkages

Technology

MAS and BSP to Pursue Cross-border Payment Linkages

Published by Jessica Weisman-Pitts

Posted on November 8, 2021

2 min read

Last updated: January 28, 2026

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MAS and BSP Enhance Cross-Border Payment Linkages

Singapore/Philippines, 8 November 2021… The Monetary Authority of Singapore (MAS) and the Bangko Sentral ng Pilipinas (BSP) today signed an enhanced FinTech Cooperation Agreement (CA) to facilitate interoperable payments between Singapore and the Philippines. The enhanced CA builds on the earlier 2017 agreement to broaden the scope of FinTech collaboration and partnership between MAS and BSP.

The CA will facilitate the linkage of both countries’ real-time and QR payment systems, to provide instant,seamless and low-cost cross-border payments. Thisis a significant initiative given the sizeable remittance flows between Singapore and Philippines, which totalled SGD 2.89 billion1in 2020; and cater to the pre-pandemic yearly average of approximately 900,0002 travellers between both countries.

MAS and BSP’s collaboration in payment infrastructure projects aligns with the G20’s efforts to address existing frictions in global cross-border payments, and contributes to Association of Southeast Asian Nations’ (ASEAN) goal of establishing regional payments integration by 2025. Both central banks will also explore multilateral interoperability of these projects, in keeping with regional efforts to establish further linkages within ASEAN and with countries outside the region.

Ravi Menon, Managing Director of MAS, said, “The enhancements to the MAS-BSP FinTech Cooperation Agreement will help fast track payments connectivity between Singapore and the Philippines. Critically, the linking of our QR and real-time payment systems also marks a concrete step towards the vision of an ASEAN network of interconnected real time payment systems.”

Benjamin E. Diokno, Governor of BSP, said, “The BSP is taking the initial step in linking the Philippine payment system with those of our ASEAN neighbors, beginning with Singapore. Effectively linking our QR and real-time payment systems will enhance the safety and efficiency of cross-border payments through the smoother and seamless international transfer of funds, ultimately promoting the financial welfare of Filipinos that regularly use cross-border payment services. These beneficiaries may include overseas Filipinos; export, import and tourism businesses; as well as firms with affiliates or investors abroad. This enhanced CA will furtherstrengthen our ties with Singapore and take us a step closer towards having an integrated and interoperable cross-border payment system in the ASEAN region.”

1Source: BSP data on Overseas Filipinos’ Cash Remittances

MAS and BSP to Pursue Cross-border Payment Linkages

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