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October 31, 2023
Singapore - October 31, 2023 – Fave, a leading consumer fintech platform in Southeast Asia and India, has announced its participation in the SGQR+ POC led by the Monetary Authority of Singapore (MAS). The SGQR+ POC will be limited to Districts 16 and 17 of Singapore and showcased during the Singapore FinTech Festival at the Singapore EXPO.
The Singapore Quick Response Code (SGQR)1 was launched in 2018 as the first-ever unified QR code for digital payments in Singapore. The introduction of SGQR+ now aims to enhance interoperability in QR payments by letting merchants register with a single preferred merchant acquirer and accept a wide array of digital payments from customers who use any payment app that has enabled SGQR transactions. Seamless cross-border interoperability delivered through SGQR+ will also ensure that merchants will be able to accept digital payments from overseas visitors.
There are two tracks under the SGQR+ POC – the Master Merchant Acquirer track by NETS Group and the Interoperable Switch track by Liquid Group. Fave is participating in the Interoperable Switch track by Liquid Group. Fave merchants such as Jollibee, Dian Xiao Er, Sushiro and more will be able to expand their QR payments acceptance to include participating payment apps.
Commenting on the development, 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.”
The SGQR+ POC will be conducted in conjunction with the Singapore FinTech Festival on 15 to 17 November 2023 and the proof of concept will run throughout November 2023 at selected merchant outlets in Districts 16 and 17 of Singapore. Customers can identify participating merchants through the SGQR+ wobblers displayed at checkout counters.
For more information regarding SGQR+, please refer to the SGQR+ microsite, which can be accessed here: https://www.nets.com.sg/sgqrpluspoc
1 SGQR was introduced by MAS and the Infocomm Media Development Authority in September 2018.
Fave is one of Southeast Asia's leading fintech platforms, providing a smart payment app for the next generation of consumers to pay and save. Fave also empowers offline businesses to grow and digitally connect with their customers in a whole new way. Fave is on a mission to maximise joy and value in every shopping experience and accelerate the offline world's transition to the digital economy.
Fave currently operates in over 35 cities across Malaysia, Singapore, and India. Fave is part of the Pine Labs Group, a leading fintech organisation.
For more information, please visit https://discover.myfave.com/about