Fave, a fintech platform providing QR payments to restaurants and retailers in Southeast Asia and India, will be a part of the SGQR+ pilot led by the Monetary Authority of Singapore (MAS).
SGQR+ is a more interoperable version of the existing SGQR system, which was introduced in 2018.
The new SGQR+ allows merchants to sign up with a single financial institution to unlock a diverse range of local and cross-border payment schemes.
The SGQR+ pilot will be limited to selected merchant outlets in Districts 16 and 17 of Singapore throughout November 2023 and showcased during the upcoming Singapore Fintech Festival on 15-17 November.
There are two tracks under the SGQR+ pilot which are the Master Merchant Acquirer track by NETS Group and the Interoperable Switch track by Liquid Group. Fave is participating in the latter.
Chen Chow Yeoh, Co-founder, Fave said,
“MAS has always supported the thriving fintech ecosystem in Singapore with a series of proactive measures and innovative steps.
Fave is thrilled to be part of their SGQR+ POC to advance interoperability of QR payments in Singapore.”