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2 China banks offer PayNow facility in Singapore

China banks Bank of China and Industrial and Commercial Bank of China are now offering PayNow in Singapore. Already 9 banks are offering this peer-to-peer funds transfer service to consumers in the island nation. These banks are Citibank Singapore, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank. PayNow enables customers of participating banks to send and receive Singapore dollar funds from one bank to another through Fast And Secure Transfers (FAST) using just their mobile number or Singapore NRIC (national registration identity card) or FIN (foreign identification number). There are more than 1.2 million PayNow registrations and over S$470 million transferred via PayNow.

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