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Singapore makes leap in cross-border payment arrangement with Thailand

The link-up in the two sides' faster-payment systems will mean instant, secure money transfers from mid-2021

Published Tue, Dec 8, 2020 · 09:50 PM

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Singapore

SINGAPORE is leading the charge on cross-border payments and settlements, with several trail-blazing moves aimed at solving the perennial issues of speed and cost.

From mid-2021, users of Singapore's PayNow and Thailand's equivalent PromptPay will be able to send money instantly and securely from Singapore to Thailand and vice-versa using just their mobile phone numbers, at "competitive rates", said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).