In a global first, Singapore and Thailand have linked their real-time payment systems, PayNow and PromptPay allowing international fund transfers between the two countries within minutes.
The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have launched on Thursday a linkage of Thailand’s PromptPay and Singapore’s PayNow, marking the world’s first bridge between national real-time retail payment systems.
This new cross-border integration allows international fund transfers within minutes and could pave the way for a cross-border payments network with other ASEAN countries.
The linkage allows customers of participating banks in Thailand and Singapore to transfer funds of up to THB25,000 or S$1,000 daily across the two countries, using just a mobile number.
There will be no need to populate information fields such as the recipient’s full name and bank account…
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