Status
Operating at scale
Data Exchange System Name
Data Exchange System
Data Exchange System link
If a RTPS exists
Yes
Vision: PSP interoperability
Yes
Digital ID System Name
National digital identity
ID System link
Name (Payment)
BI-FAST,Regional Payment Connectivitiy (RPC)
URL (Payment)
Region
Asia
# of participants
2022- 106,Unknown
AML law
Unknown
Bank participation in network
Yes
Centralised fraud management system?
Unknown
Consumer protection law
No
Governor
Central bank
Instant settlement system/ platform
Yes
Non-bank participation in network
Yes
Notes
Has real time payment system and has pushed aggressively to have merchants accept QR payments. However, poor incentives for both acquiring institutions and the merchants themselves have slowed uptake. Part of regional ASEAN payment system integration.
Offline transactions
Yes
Operator
Central bankCentral bank
QR-based transactions
Yes
Reporting forum/ website/ form
Unknown
Rules: data handling rules for PSPs, users
Central bank/ Financial regulator
Rules: data leak notifications
Yes
Rules: participation conditions
Unknown
Rules: recourse mechanism
Unknown
Rules: transaction recall
Unknown
Settlement systems
ACH,Unknown
Transaction cost
0.15 per transaction,Unknown
Transaction types
P2P
P2M
B2BB2B
Value (Year-USD)
2022- 450 M
Volume (Year- Volume)
2022- 2.1 B,Unknown