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For instance, Malaysian tourists in Singapore can make a payment with Malaysian ringgit funds in their Malaysian digital wallet when making a transaction. Or, a Malaysian worker in Singapore can send Singapore dollar funds in a Singaporean digital wallet to a recipient’s wallet in Malaysia.

Fees and exchange rates will be determined by mutual agreement between the central banks themselves.

https://www.cnbc.com/2023/07/30/asean-mo...ystem.html