Singapore, Thailand to enable cross-border payments using only mobile numbers
From mid-2021, users of Singapore's PayNow and Thailand's equivalent PromptPay will be able to send money instantly and securely across the two countries with their mobile phone numbers at competitive rates, according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
Singapore (VNA) – From mid-2021, users of Singapore's PayNow and Thailand's equivalent PromptPay will be able to send money i🍨nstantly and securely across the two countries with their mobile phone numbers at compe🍎titive rates, according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
This linkage between two countries' national faster payment systems will be the first of its kind in the world, noted Menon earlier this week.
Kickstarted by MAS and the Bank of Thailand three years ago, the service will begin with a small group of banks on both sides. Participation will be scaled up to include more banks and non-bank providers over time, he said. MAS is also keen to partner other central banks in the region to expand the linkage across Southeast Asia, he added.
This is part of MAS's efforts to make cross-border remittances cheaper and faster, in order to extend the benefits of a digital economy to a wider range of users, he said.
Singapore's central bank is also seeking to make cross-border payments and settlements – one of the biggest painpoints for small and medium-sized enterprises (SMEs) – quicker and more affordable.
MAS had embarked on Project Ubin five years ago to explore the use of blockchain, with the final phase of experimentation completed in July this year where a blockchain-based prototype for multi-currency settlement was successfully tested./.
PayNow, an e-payment service, will be rolled out to all Singaporean government agencies for the first time, allowing citizens to pay for everything from school fees to fines.
The Thai Ministry of Finance is working with the private sector to develop some 100 billion-THB worth support measures for affected persons and business operators, in the context of the global COVID-19 epidemic bringing significant disruption to both the Thai and global economies.
Registration for 5,000 baht government aid, for people affected by the coronavirus crisis, was opened on March 28 at 6pm via the "เราไม่ทิ้งกัน ดอทคอม" website. Immediately after the registration opened, the website crashed, due to the overwhelming number of applicants.
Singapore is opening up access to the payment rails for non-bank e-wallet players that meet the necessary risk-management standards, according to managing director of the Monetary Authority of Singapore Ravi Menon.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
