There’s a new cross-border payment system using QR codes between Singapore and Indonesia

qris indonesia

Woohoo, Singapore, and Indonesia have launched a new cross-border payment system using QR codes.

This means that customers in both countries can now make retail payments more easily.

The central bank of Indonesia, known as Bank Indonesia (BI), and Singapore’s Monetary Authority of Singapore (MAS), made the announcement yesterday, on 17 November 2023.

They said in a joint statement that financial institutions in Singapore and Indonesia can now link up their QR code payment systems.

This comes a year after BI and MAS first said they were working on such a linkage.

Now it’s a reality!

How to use it?

To use it, customers just need to open their existing mobile banking apps and then scan either a QRIS (Quick Response Code Indonesian Standard) code in Indonesia or a NETS QR code in Singapore, displayed by merchants, to make a purchase.

The central banks believe this linkage is an important milestone as it will help further integrate the digital economies and financial systems of the two countries. It should also boost economic connections between Indonesia and Singapore.

In addition, with QR code payments between nations now possible, it may open up new customers for small businesses since shop owners can now more easily accept payments from people visiting from each country.

BI and MAS pointed out this could benefit travelers

By that, they are referring to the over 600,000 people who have traveled from Singapore to Indonesia in the first half of 2023, including the > 1 million who traveled vice versa, from Indonesia to Singapore.

With the payment linkage, we and our fellow Indonesian friends won’t need to worry as much about having the right currency or payment method when visiting each other’s country.

Who are the participating banks?

And if you’re wondering if your bank is participating initially, be glad to know that OCBC and UOB are. DBS will likely join later.

On the Indonesian side, the participating banks include Bank Central Asia, Bank Mega, Bank Pembangunan Daerah Bali, Bank Rakyat Indonesia, Bank Sinarmas, Bank Syariah Indonesia, CIMB Niaga, Espay Debit Indonesia Koe, Netzme Kreasi Indonesia, and PermataBank.

More banks from both countries may link up their systems over time.

Perry Warjiyo, the governor of BI, said the linkage aligns with ASEAN’s goals of boosting regional payment connectivity.

He believes it will lead to faster, cheaper, and more transparent cross-border payments.

Ravi Menon, the managing director of MAS, agreed that the QR code system will help both individuals and small businesses engage in more e-commerce and tourism activities between the two nations.

A new local currency settlement framework is also in the works

In addition, BI and MAS signed a letter of intent to eventually set up a local currency settlement framework by 2024.

This would allow cross-border payments, including QR payments, as well as trade and investments between Indonesia and Singapore to be settled using their own currencies—the Indonesian rupiah and Singapore dollar.

Settling in local currencies could reduce costs and risks from currency exchange rates for businesses and users.

The central banks are working to promote wider use of local currencies for transactions between ASEAN countries.

These initiatives mark continued progress in growing digital and financial linkages between Singapore and its key regional partners, which is certainly a good thing for you, me, and our economy 😉


The History of Luxury Yachts: From Royal Ships to Modern-Day Marvels

Explore the history of luxury royal ships to marvel at their impressive offerings and capability. Keep reading to discover about the engineering fleets.

Royal yachts are usually used by monarchs or by royal families. If the head of the royal family is an emperor, then one would use an imperial yacht.

The engineering marvels of the largest ships have never ceased, from massive container ships transporting goods across the ocean to oil tankers transporting the world’s energy supply.

The world’s largest ship is a testament to human ingenuity and the boundless potential of modern engineering. These royal ships and modern-day marvels have pushed the limits of capacity, efficiency, and size, thereby becoming impressive ships that discovered and constructed the secrets behind their success.

In this article, you will discover the history of luxury yachts, starting from royal ships and modern-day marvels.

Overview Of Luxury Yachts

Wondering how the term royal yacht was determined in the olden days of antiquity, including royal barges on the Nile of ancient Egypt?

The nation’s government usually finances the royal yacht, which is often crewed by personnel from the navy, travel officers, and other staff members.

Even small yachts are used for shorter travel distances on calm waters or rivers, but the otters have been largely seaworthy ships.

Just like Vikinhg produced the royal vessel, the group of people followed the pattern of longships that were highly decorated and fitted with sails.

Similarly, Charles II of England, Ireland, and Scotland owned the first royal ship. This led to the tradition of royal yachts in Great Britain that the other royal families of Britain later replicated.

Which Is the Oldest Royal Yacht Club In the World?

The Royal Cork Yacht Club is considered to be the oldest in the club. It was established in the year 1720 and, at present, boasts a total membership of 1,800 capacity.

The past members included the Price Ferdinand Maximillian of Austria, the Emperor of Mexico, and Sir Thomas Lipton.

What Is The Most Recent Royal Yacht?

As of 2022, the British government has announced its intention to replace Majesty Yatch Britannia within three years time.

The royal yacht tends to be something else in the presence of a superyacht and yachts. The Royal yacht did not operate in the United Kingdom for 25 years, but the British local administration announced its replacement, the Majesty yacht.

If you want to experience the same, you can book a luxury yacht rental in Singapore and spend a vacation with your family in the same.

Why Did The Royal Yatch Retired?

As per the reports, in 1997, the Royal Yatch retired, and it marked the end of a long tradition of the British Royal Yacht.

The decision was made after the Royal yacht was utilized for a successful and long journey spanning 44 years and traveling more than a million miles across the globe.

The yacht is now docked in Leith, Scotland, and is open as a museum and event space in the public space.

Increasing Demand For Modern Day Marvel

Recently, the Norwegian Cruise Line has bravely decided to continuously build the groundbreaking Norwegian Prima. The luxurious ship offers sailing from Galveston in Texas, which is bounded by Mexico, for a four-night adventure.

The following is a list of offerings made by the Prime as a Marvel:

  • The size of the ship is off the chart, but it is happily styled and provides the visitors with a luxurious service.
  • It offers places to eat, see, participate in activities, and experience onboard facilities.
  • A total of 1646 staterooms are present, and the ship’s market is uncrowded in most of the places.
  • It includes eighteen different restaurants, including Indian, Spanish, Oriental, American, Mexican, and other nationalities cuisine.
  • Offers the visitors to take part in Rush And Drop (one of the fastest slides at sea) for all age groups.
  • Live entertainment.
  • Mandara spa, as well as salt and steam room.

Therefore, Prima is a marvel that is established in modern oceangoing engineering. From the point of generously proportioned stateroom, expansive outdoor deck space, and $6 million, which is a curated art collection. Moreover, it is the kind of spaceship that every cruiser desires.



Dive into New Dimensions: Experience the Diverse Entertainment VR Offers

In a world increasingly engrossed in digital experiences, virtual reality (VR) has taken a pivotal role, going far beyond its gaming origins to provide a plethora of entertainment options. The vr entertainment extends its realms into various domains, inviting users to immerse themselves in new dimensions of interactive enjoyment.

This sort of entertainment is no longer just for gamers, but also for fans of art, music, movies, and social interaction. One of the most interesting aspects of VR entertainment is the opportunity for users to explore virtual travel. It allows people to digitally visit and explore faraway or historical locations, allowing them to experience the wonder of travel without leaving their homes. This component is not only informative, but it also opens the door to more inclusive and accessible experiences for individuals who are unable to travel owing to a variety of obstacles.

Virtual art galleries and museums have also found a place in virtual reality. Artists and curators now can present their work in a digital format that consumers can appreciate in a completely immersive setting. These virtual spaces may duplicate the actual presence and ambiance of a museum, offering users all around the world a rich, engaging educational and cultural experience.

VR entertainment is changing the way we experience music and shows. Virtual concerts provide music fans with front-row seats to their favorite musicians’ performances, all from the comfort of their own homes. These are not simply video streaming, but interactive sessions in which fans may connect with the music and artists in novel and unprecedented ways, making the experience more personal and unforgettable.

Furthermore, the film and theater industries are adopting VR to provide immersive storytelling experiences. These aren’t your typical movies; VR films put spectators in the middle of the action, making them a part of the plot. This type of storytelling is immersive and participatory, offering a new perspective and a stronger emotional connection to the tale being conveyed that traditional formats may not provide.

Another area of VR that is being actively investigated and expanded is the social aspect. Users can build avatars and communicate with others in various virtual settings using social VR platforms. These spaces offer a new way to socialize, network, and collaborate, bringing individuals from all over the world together for shared experiences, discussions, or just to hang out in a virtual setting.

VR has also advanced in the field of health and wellness. There are now VR apps for meditation and relaxation that transport users to quiet settings to help relieve tension and anxiety. These apps frequently include guided sessions and stunning images that contribute to a peaceful and calming experience, aiding users on their mental wellness journey.

However, while appreciating the various options VR provides, it is equally critical to recognize and navigate potential problems. For a healthy and happy VR experience, ensure comfortable and safe use of VR technology, understand the need for breaks and awareness of the space around you, and consider the psychological effects of extended use.

The VR entertainment environment is wide and ever-changing, with new applications and experiences being produced daily. The quality and diversity of entertainment options available to people increase as technology progresses. This ongoing innovation foreshadows a future in which VR is a fundamental element of entertainment, providing diverse, inclusive, and engaging experiences that appeal to a wide range of interests and tastes.

Another exciting frontier of VR entertainment is the burgeoning domain of virtual sports, in which fans can not only watch but also actively engage in sporting events in an immersive environment. These virtual sports experiences give consumers the impression of being in the game, competing and planning in real-time, simulating the dynamics of physical sports. This provides an engaging platform for fans and athletes alike to improve their abilities, understand the game’s complexities, or simply enjoy sports from a participatory perspective, further bridging the gap between the digital and physical worlds of sports entertainment.

To summarize, the world of virtual reality entertainment is constantly developing, with uses ranging from sports to education. These apps provide not only amusing but also instructive, engaging, and truly immersive experiences. The continuing advancements in virtual reality entertainment are blurring the barriers between reality and the virtual, creating rewarding experiences that cater to a wide range of interests, preferences, and needs. With an unlimited future ahead of us, the path of finding and experiencing new dimensions of entertainment through VR is just getting started, offering fascinating adventures for consumers all over the world. VR’s ultimate potential is still being realized, and as it does so, it continues to change our understanding of entertainment and participation in the digital age.


How To Handle A Tax Audit Notice From Canada Revenue Agency


Just hearing the word “audit” can be enough to make many people shudder when tax time comes around. Facing a Canada Revenue Agency (CRA) audit might seem scary, but if you understand how the process works and make an effort to follow tax rules, you can keep your stress levels in check. In this article, we’ll discuss how to deal with a CRA audit, ensure you’re compliant with taxes, and find out about any penalties for not following the rules.

Facing a CRA Audit

An audit by the CRA entails a meticulous examination of your financial documents and tax filings to ensure that your earnings have been accurately reported and that you’ve taken advantage of the appropriate deductions and credits. An audit might occur due to various reasons, including random selection, discrepancies in your tax submission, or details shared by third parties like employers or financial institutions.

If you receive notice of a CRA audit, it’s essential not to panic.

Review the Notice

Take the time to thoroughly examine the audit notice so you know precisely what information the CRA is asking for and when it’s due. The notice will also let you know if the audit will be done in person or through mail correspondence. Make sure you gather all the relevant financial records, receipts, and supporting documents that relate to the tax year being audited. Organize everything in a clear and sensible way for easy access.

Seek Professional Help

Consider consulting a tax professional, such as a personal tax accountant or tax lawyer, to guide you through the audit process. They can provide expert advice, review your records, and represent you before the CRA if necessary.

Respond Promptly

Adhere to the specified timeline for responding to the audit notice. If you need more time to gather documents or seek professional assistance, communicate with the CRA in writing to request an extension. Be cooperative and transparent with the CRA auditor. Answer their questions truthfully and provide any requested information promptly. If you’re unsure about something, it’s better to admit it rather than guess.

Appeal if Necessary

Should you find yourself in disagreement with the audit results, know that you possess the right to contest them. It’s advised to seek guidance from your tax expert to figure out the most suitable plan of action, which could comprise of lodging an objection with the CRA or taking your case to the Tax Court of Canada.

Penalties for Non-Compliance

Not following Canadian tax laws can lead to a variety of penalties, based on the type and seriousness of the breach. The CRA has the power to enforce penalties. If you fail to submit your tax return on time, the CRA may enforce a 5% penalty on the amount owed, plus an additional 1% for every month that the return is overdue, up to a maximum of 12 months. In case you have unpaid taxes and neglect to pay them by their due date, interest will be charged on the outstanding amount. The interest rate can change quarterly and is established by the CRA.

Making false statements or providing misleading information on your tax return can result in severe penalties. This includes underreporting income, inflating deductions, or hiding assets offshore.

Tax evasion, which involves willfully concealing income or engaging in fraudulent activities to reduce your tax liability, is a criminal offense in Canada. Convictions for tax evasion can result in fines, imprisonment, or both.

If you fail to maintain adequate records to support your tax claims, the CRA may disallow your deductions and credits, resulting in additional taxes owed.

While the prospect of a CRA audit and the penalties for non-compliance can be daunting, proactive tax planning and adherence to tax laws can help you navigate these challenges. If you ever find yourself facing an audit, approach it with transparency and seek professional assistance if needed. Ultimately, the key to a stress-free tax experience lies in staying informed, organized, and compliant with Canadian tax regulations.


How To Prepare for A Chiropractic Lower Back Adjustment

If you’re having lower back pain and you’ve decided to take the next steps to see a specialist in lower back pain treatment, you’re on the right track. Seeing a chiropractor can be the first step in alleviating your pain or reducing it for good, but if you’ve never been before, there are some things to keep in mind, as outlined below.

What To Keep In Mind

Bring What You Need

Ahead of your appointment, have everything you need ready. This includes medical records, ID cards, an outline of your symptoms if you think you might miss some, and check with your insurance company if they cover chiropractic care.

Get in Early

Arrive for your appointment at least 15 minutes early to fill out paperwork and align yourself in the space before you meet with the chiropractor. This can help with anxiety and will get you in the right mindset.

Dress Comfortably

If you wear clothes you can easily move in, you will allow your chiropractor to see you in motion. Avoid clothes that are restrictive or too tight and get ready for the chiropractor to move you into different positions, especially if you need an adjustment.

Get Ready to Talk

Although it may seem awkward at first, you need to be able to properly speak to your chiropractor about your symptoms, lifestyle and what it is you’re experiencing. Also, be prepared to answer a lot of questions. All of this is a necessity to get to the bottom of the pain, so get ready to chat, and don’t withhold information.

Know How a Chiropractic Exam Works

Similar to seeing a doctor, a chiropractor is likely to perform a physical exam and may have you perform light physical tasks as part of the evaluation process and may even need to order additional testing if required. So, get ready to move and stretch!

Don’t Fear the Adjustment

Sometimes you may have a chiropractic adjustment as part of your first visit and it’s really nothing to be afraid of. Talk to the practitioner if you have any fears and get ready for some sounds such as popping. But remember, this process shouldn’t be painful.

Expect Extra Perks!

As part of your session, the chiropractor may perform massages on you, and suggest lifestyle changes and ways to relax, gain mobility and soothe pain. Although it sounds daunting, you may actually get a lot more than expected out of the experience.

Go Through Your Treatment Plan

Before the end of your consultation, you should be given a treatment plan. The practitioner will walk you through the plan, and make sure to ask any questions you may have before you leave and far before you start booking future appointments.

Don’t Worry About The Side Effects

It’s normal to be sore after a chiropractic appointment, and some other side effects include fatigue and flu-like symptoms from the toxin build-up being released. If you have concerns, just call and ask your practitioner.

If you’re looking for the best care in Singapore, contact Light Chiropractic and get started on your wellness journey with an expert team and kind care.