Singapore and Thailand Launch World’s First Linkage of Real-time Payment Systems
The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) today launched the linkage of Singapore’s PayNow and Thailand’s PromptPay real-time retail payment systems. The first of its kind globally, the linkage is the culmination of several years of extensive collaboration between MAS and BOT, both countries’ payment system operators, bankers’ associations, and participating banks.
Customers of participating banks in Singapore and Thailand will be able to transfer funds of up to S$1,000 or THB25,000 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 details, as with normal remittance solutions. The funds will flow seamlessly and securely between customers’ accounts in Singapore and Thailand. The experience will be similar to how domestic PayNow and PromptPay transfers are made today, in which senders can use their mobile banking or payment applications to initiate fund transfers instantly and securely, at any time of the day. The transfers will be completed within a matter of minutes, representing a marked improvement over the average of 1-2 working days needed by most cross-border remittance solutions.