PromptPay, PayNow partner to allow Thailand-Singapore fund transfers

The Bank of Thailand and the Monetary Authority of Singapore have announced that they have linked Thailand’s PromptPay and Singapore’s PayNow real-time retail payment systems, allowing users to transfer funds between the two countries.

Initially, Bangkok Bank Kasikornbank, Krung Thai Bank and Siam Commercial Bank will provide the service in Thailand, while in Singapore the providers will be DBS Bank OCBC and United Overseas Bank.

Customers of the participating banks will be able to transfer up to USD 800 per day between each country. The process will not require a user to populate fields such as the recipient’s full name and bank account details, as required with a normal remittance.