The cross-border remittance service is essential for international labor working in Thailand and Thai labor working abroad because these people need to send money to their families in their home country. Since these services typically come with high fees, customers are searching for other, more affordable options, which can be both legal and illegal. As a result, many issues concerning money laundering and fraud arise. Meanwhile, technological advancement fuels the growth of Fintech and startup businesses that offer low-cost cross-border remittance services via online channels, resulting in increased competition among service providers. Following the situation, the Company, in collaboration with the Bank of Thailand and the member banks, developed the Cross-border Remittance Service, which allows bank customers to remit funds across borders at a lower cost. By connecting the payment service infrastructure of two countries, member banks can offer remittance services to bank customers through the member bank's platform at a lower service cost. The service was initially piloted by connecting Thailand's PromptPay system and Singapore's PayNow system before expanding to other partner countries.

Service Features

The Cross-border Remittance Service between Thailand and Singapore allows customers to remit funds using mobile phone numbers registered in Thailand's PromptPay system and Singapore's PayNow system, with Singapore acting as a proxy in the remittance, similar to the domestic fund transfer service using mobile phone numbers. Customers of participating banks can make transactions on their own using the mobile banking application. Maximum transmittance limit of 25,000 baht or 1,000 SGD per transaction/day/bank. Service fee is excluded at 150 baht/transaction, subject to each service bank's promotion.

Service pattern

The PromptPay-PayNow system linkage development is one of the evidence of success for the National ITMX Co, Ltd. in developing PromptPay service, which can successfully connect real-time remittances across the country for the first time. Customers can conduct their transactions through the mobile banking application by entering the mobile phone numbers of recipients in foreign countries rather than account numbers. The money will be remitted to the recipient's bank account as soon as the sender completes the transaction. This service can assist both Thailand and Singapore in their borderless transition to cashless societies.