Friends and family in Thailand and Singapore can now trade cash in a heartbeat using just their mobile phone numbers.
The two nation’s e-payment systems – Thailand’s Promptpay and Singapore’s PayNow – have been linked to enable convenient transfers for relatively low fees, both countries’ central banks said in a joint announcement today.
“This service by the [Monetary Authority of Singapore] and the [Bank of Thailand] will effectively address customers’ longstanding pain points in the area of cross-border transfers and remittances including long transaction times and high costs,” Thai bank governor Sethaput Suthiwartnarueput said in the stilted tongue that is a banker’s weak point.
In Thailand, four Promptpay-powered institutions – Bangkok, Kasikorn, Krung Thai and Siam Commercial banks – have signed on so far. In Singapore, it can be used…
