Monetary Authority of Singapore and Bank of Thailand have announced the launch of the world's first cross-border fast payment system, TASS reported.

Singapore's PayNow system and Thailand's PromptPay will allow transfers to a mobile phone number up to 1,000 Singapore dollars ($ 755) per day, the message says. 

The commission will be from 3% to 5%, depending on the volume of translation, but significantly lower than the average rates for translation services - about 11%, the financial departments of the two countries noted.

Customers will not have to indicate the full name of the recipients, bank details, transfers will be made through mobile applications by phone number, the statement says. 

According to it, this is the first such experience of cross-border transfers in the world.