The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) on Thursday launched the linkage of Thailand’s PromptPay and Singapore’s PayNow real-time retail payment systems, the first international link-up of its kind globally.
“The PromptPay-PayNow linkage is a pioneering effort. It shows that existing payments infrastructure and the banking system have the potential to provide seamless cross-border payment options to retail customers,” said MAS managing director Ravi Menon.
The platform will allow customers of participating banks in Thailand and Singapore to transfer funds of up to SGD 1,000 or THB 25,000 daily across the two countries using only a mobile number.
Four Thai banks to participate in this programme are Bangkok Bank (BBL), Kasikornbank (KBANK), Krungthai Bank (KTB), and Siam Commercial Bank (SCB).
Singapore banks include DBS Bank limited (DBS), Oversea-Chinese Banking Corporation, Limited (OCBC), and United Overseas Bank Limited (UOB).
The process will be “similar” to how PromptPay and PayNow currently work domestically, where senders can use their mobile banking or payment applications to transfer funds instantly and securely, at any time of the day, according to the press release from the BOT.
“The participating banks have committed to benchmark their fees against the market,” it said. “The fees will be affordably priced and transparently displayed to senders prior to confirming their transfers.”
The PromptPay-PayNow linkage is a key collaboration under ASEAN Payment Connectivity initiated in 2019 and aligns with efforts by the G20, Financial Stability Board, and other international standard-setting bodies to facilitate more efficient cross-border payment arrangements.
“The BOT will continue to promote innovation in cross-border payments and infrastructure to strengthen financial integration for the sustained well-being of the country and the ASEAN region,” said Dr Sethaput Suthiwartnarueput, the BOT governor.
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