Bank Negara finalises interoperable fund transfer rules, bans proprietary QR schemes

Bank Negara Malaysia has issued the final Interoperable Fund Transfer Framework policy document alongside a statement responding to industry feedback on the 2025 exposure draft. The segment covers the prohibition of proprietary QR schemes, the mandatory routing of transactions through the shared payment infrastructure, and the mandatory enablement of cross-border services. Payments and compliance teams at participating institutions should understand what is now fixed and what remains under discussion.

• Proprietary QR code schemes are prohibited, with a two-year transition period for affected institutions to migrate to the interoperable scheme.
• Participants must enable both domestic and cross-border services, with the cross-border mandate's effective date aligned to the Nexus go-live timeline.
• Both on-us and off-us fund transfers via the QR code scheme must route through the shared payment infrastructure to support fraud detection and response.
• The P2M interoperable QR mandate applies only to participants offering QR-based purchase services to the retail segment, including consumers and merchants.
• Non-bank cross-border fund transfer services generally fall under the Money Services Business Act 2011, with BNM formalising a list of excluded businesses.

Executive summary

Bank Negara Malaysia (BNM) finalised and issued the Interoperable Fund Transfer Framework policy document (IFTF PD) on 30 June 2026, accompanied by a feedback statement setting out its responses to comments received from financial institutions on the exposure draft issued…

Machine-verified against the primary source, then read, edited and published by the Regulus editorial desk on 19 Oct 2026.