Singapore and Thailand link up cross-border fast payments in a world first

The PayNow-PromptPay linkage will allow customers of participating banks to transfer funds of up to $1,000 or 25,000 baht (S$1,060) daily across the two countries. - BANGKOKBANK.COM

SINGAPORE (The Straits Times/ANN): The local PayNow system that lets individuals transfer money using just a mobile number will be linked to Thailand's PromptPay version on Thursday (April 29), the Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT) said in a joint statement.

The linkage between the two countries' national fast payment systems is the first of its kind in the world, they said.