Great initiative! Asia lacks standards, with these steps significant steps can be made cross regional! Making international scaling better and faster!
Thailand and Singapore have announced tentative plans to integrate their respective e-payment schemes in a bid to promote digital banking, according to a Bloomberg report. The initiative, which would be a first in the Asean region, is also being driven by the aggressive expansion of China-based e-payment providers such as WeChat and AliPay which are becoming more prevalent in both Singapore and Thailand, threatening the prospects of their own respective national schemes, PayNow and PromptPay. “The Monetary Authority of Singapore and the Bank of Thailand are exploring the possibility of a link between the two networks," said Naphongthawat Phothikit, director of payment systems policy at the Bank of Thailand. Discussions are at a preliminary stage, he said, adding that any talk of a timeline would be premature.