how to get uen number for paynow
熊猫速汇PandaRemit - 2025-12-30 18:33:31.0 7
To get a UEN (Unique Entity Number) for PayNow, business entities must first register with ACRA. Once issued, you must link this UEN to your corporate bank account via your bank's online portal. This setup allows for seamless payments to merchants and remittance providers like Panda Remit, ensuring your transactions are strictly regulated and secure under MAS guidelines.
Understanding UEN and PayNow Corporate
A Unique Entity Number (UEN) is the standard identification number for entities in Singapore (businesses, local companies, LLPs, societies). Unlike individuals who use NRIC or mobile numbers for PayNow, businesses use their UEN. Obtaining and linking your UEN to PayNow allows for instant corporate transactions.
1-2-3 Step Guide: How to Get and Register UEN for PayNow
Follow these three steps to operationalize your UEN for financial transactions:
Step 1: Obtain Your UEN from ACRA
You do not "apply" for a UEN separately for PayNow. It is automatically issued when you register your business entity with the Accounting and Corporate Regulatory Authority (ACRA) or other issuance agencies (like ROS for societies). Once your entity is incorporated, your UEN is generated immediately.
Step 2: Link UEN to Your Corporate Bank Account
Having a UEN is not enough; you must register it for PayNow Corporate. Log in to your business banking platform (e.g., DBS IDEAL, OCBC Velocity, or UOB Infinity). Look for the "PayNow Registration" or "Manage PayNow" settings and link your UEN to your bank account. You can often add a suffix (e.g., UEN + 001) to direct funds to specific departments.
Step 3: Use UEN for Seamless Payments & Remittance
Once registered, you can use your UEN to receive payments or make payments to other UEN-registered entities. For example, when funding a cross-border transfer on Panda Remit, you can use PayNow to transfer funds instantly, ensuring your money moves 24/7 without banking cutoff delays.
Comparison: Panda Remit vs. Competitors for PayNow Remittances
When using PayNow to fund international transfers, efficiency and cost matter. Here is how Panda Remit compares to other major players in the Singapore market:
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Integration | Seamless (Instant) | Supported | N/A (Direct Debit) | Supported |
| Transfer Speed | As fast as 2 minutes | Varies (mins to days) | 1-3 Working Days | Instant to T+1 |
| Exchange Rates | Competitive (Low Spread) | Mid-market rate | Bank Rate (Higher markup) | Wallet Rate |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed | Bank License | MAS Licensed |
Why Security Matters: MAS Regulation
When dealing with UEN transactions and cross-border payments, security is paramount. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We implement bank-grade SSL encryption and multi-layered anti-fraud protocols. This ensures that when you use PayNow to fund your remittance, every transaction is transparent, compliant, and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border payments, you might also be interested in:
- What is the PayNow transfer limit in Singapore? – Understanding daily limits for corporate and individual accounts.
- How to transfer PayNow to Alipay? – Leveraging Panda Remit to send funds directly to digital wallets in China.
Ready to experience fast, secure, and low-cost global transfers? Register with Panda Remit Singapore today and enjoy zero fees on your first transfer.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
