Bank of China, ICBC join 7 other banks offering PayNow in Singapore
CHINESE banks - Bank of China and Industrial and Commercial Bank of China (ICBC) - have been added to the list of banks offering PayNow on Monday, making it a total of nine banks offering the peer-to-peer funds transfer service to consumers in Singapore, the Association of Banks in Singapore (ABS) said.
The banks have joined the ranks of Citibank Singapore, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank as participating banks of the service.
PayNow enables customers of participating banks to send and receive Singapore dollar funds from one bank to another through Fast And Secure Transfers (FAST) using just their mobile number or Singapore NRIC (national registration identity card) or FIN (foreign identification number).
As at March 31, there have been more than 1.2 million PayNow registrations and over S$470 million transferred via PayNow, the ABS said.
The association will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds between consumers, it added.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Morgan Stanley Asia private equity unit to reorganise as CEO retires
US seeks 36 months’ jail for Binance founder Zhao
Keppel’s Q1 revenue down 6.3% to S$1.5 billion; legacy O&M assets a drag on net profit
JPMorgan talking with investors about two synthetic risk transfers
HSBC says growing Chinese wealth fuels client investments in US
Money laundering accused Su Baolin to plead guilty after being handed 3 more charges