Who owns PayNow?
熊猫速汇PandaRemit - 2025-12-31 21:44:28.0 6
PayNow is not owned by a single commercial bank. It is managed by The Association of Banks in Singapore (ABS) and supported by the Monetary Authority of Singapore (MAS) to enable instant peer-to-peer transfers. This centralized infrastructure ensures high security, similar to how Panda Remit operates as a MAS-regulated institution (License PS20200501) to provide secure, seamless global payouts directly via PayNow integration.
The Infrastructure Behind PayNow
While the user interface is provided by individual banks (like DBS, OCBC, UOB), the underlying infrastructure is operated by Banking Computer Services Pte Ltd (BCS). This collaboration ensures that funds move instantly and securely across the Singaporean banking network. For users looking to send money internationally, understanding this infrastructure is key to choosing a safe remittance partner.
Comparison: Panda Remit vs. Traditional Singapore Providers
When using PayNow for international remittance, speed and cost are critical. Below is a comparison of how Panda Remit stacks up against local competitors when funding transfers via PayNow.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
| Transfer Speed | As fast as 2 minutes (24/7 Real-time) | Varies (Minutes to Days) | 1-3 Working Days | Instant to specific partners |
| Exchange Rates | Competitive Market Rates (Zero hidden fees) | Mid-market rate + Fee | Bank Rate (Often higher markup) | Includes FX markup |
| PayNow Integration | Seamless In-App Payment | Supported | N/A (Direct Debit) | Supported |
How to Send Money Globally via PayNow: 3-Step Guide
Leveraging the speed of PayNow and the global reach of Panda Remit allows you to send funds to China (Alipay/WeChat), India, Malaysia, and beyond in minutes.
- Initiate Your Transfer: Open the Panda Remit app and enter the amount you wish to send. Our system provides a transparent quote with rates significantly better than traditional banks.
- Select PayNow as Payment Method: Choose PayNow at the checkout. This links directly to your Singapore bank account for a secure, fee-free funding process.
- Track & Receive: Once funded, Panda Remit processes the transaction immediately. Funds can arrive in the recipient's account in as little as 2 minutes, supported by our 24/7 processing engine.
Why Security Matters: The MAS Connection
Just as PayNow is overseen by the Monetary Authority of Singapore (MAS) to ensure domestic stability, your cross-border transfers require the same level of scrutiny. Panda Remit is a Major Payment Institution strictly regulated by the MAS (License No. PS20200501). We implement bank-grade SSL encryption and multi-layered anti-fraud protocols, ensuring that every transaction funded via PayNow is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your financial flows in Singapore, you might also be asking:
- Is PayNow safe for large transfers? Yes, due to ABS management and MAS oversight, it is highly secure for both domestic and remittance funding.
- What is the PayNow transfer limit? Limits depend on your bank settings, but Panda Remit supports high-limit transfers for verified users.
Ready to experience fast, secure, and regulated remittance? Register with Panda Remit Singapore today to enjoy zero-fee offers 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.
