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Press Release
Published April 09, 2018
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Bank of China and ICBC begin offering PayNow in Singapore

Date: April 09, 2018
Categories: Financial Technology, Foreign Direct Investment, Technology, technology, Transaction Banking
Keywords: Bank Of China, ICBC

Bank of China and Industrial and Commercial Bank of China will begin offering peer-to-peer funds transfer service PayNow in Singapore from Monday (Apr 9).

The two banks will join seven others - Citibank Singapore, DBS/POSB, HSBC, Maybank, OCBC, Standard Charted and UOB - in offering the service, said the Association of Banks in Singapore in a news release.

PayNow allows customers of participating banks to transfer funds from one bank to another, using just their mobile number or their Singapore NRIC/FIN.

The service eliminates the need for consumers to know the bank account number of the recipient when making the transfer. There is no charge for transfers performed via PayNow.

As of Mar 31, more than S$470 million have been transferred via PayNow, which has more than 1.2 million registrations. PayNow was launched in July last year.

Re-disseminated by The Asian Banker from ChannelNewsAsia.com