In a demo at Singapore FinTech Festival, multiple funds transfers were conducted between a UOB Singapore account and a UOB Thailand account in real time via the bank’s mobile app.
UOB (United Overseas Bank) has completed ASEAN’s first cross-border peer-to-peer funds transfer POC (proof-of-concept), where real-time payments were made between bank accounts linked to the mobile phone numbers of account-holders.
The POC models cross-border funds transfers on peer-to-peer funds transfer services, such as Singapore’s PayNow, that use a bank account holder’s registered mobile phone number as a proxy for their bank account number. In ASEAN, such peer-to-peer funds transfer services are currently only available for intra-country transactions.
In a demonstration of the POC at the Singapore FinTech Festival, multiple funds transfers were conducted between a UOB Singapore account and a UOB Thailand account in real time. This funds transfer process rides on UOB’s use of a single mobile banking app (UOB Mighty) across ASEAN markets – Singapore, Malaysia, Thailand and Vietnam. The app taps the bank’s integrated regional technology network and payment infrastructure to facilitate funds transfers across countries.
“UOB customers using the solution on UOB Mighty will go through the same steps as they would if they were transferring money locally to the recipient’s mobile phone number, regardless of the country in which the recipients live,” said the bank’s Managing Director and Head of Banking Technology, Group Technology and Operations, Graeme Greenaway.
Following the success of the POC, UOB plans to broaden it to other key ASEAN markets.