The Monetary Authority of Singapore and the Bank of Thailand have announced the launch of the world’s first cross-border express payment system.

TASS reports that the central banks of the two countries have made the announcement today.

“Singapore’s PayNow system and Thailand’s PromptPay will allow users to transfer up to 1,000 Singapore dollars (USD 755) per day to a mobile phone number,” the announcement says.

“The commission fee will range from 3% to 5% depending on the volume of translation, but it will be significantly lower than the average rates for transaction services, which is about 11%,” noted in the two central banks.

“Customers will not have to indicate the full name of the recipient and the bank details, as the transfers will be made through mobile apps by phone number,” the announcement reads. “This is the first such experience of cross-border transfers in the world,” said the Monetary Authority.

According to Managing Director of the Monetary Authority, Ravi Menon, “the express payments initiative was launched in 2019 within the framework of the Association of Southeast Asian Nations (ASEAN).”

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