Status
Operating at scale
Data Exchange System Name
APEX Cloud
Data Exchange System link
If a RTPS exists
Yes
Vision: PSP interoperability
Yes
Digital ID System Name
SingPass
ID System link
Name (Payment)
PayNow,Regional Payment Connectivitiy (RPC)
URL (Payment)
Region
Asia
# of participants
?- 26,Unknown
AML law
Unknown
Bank participation in network
Yes
Centralised fraud management system?
Unknown
Consumer protection law
No
Governor
Banking association
Instant settlement system/ platform
Yes
Non-bank participation in network
Yes
Notes
Since Feb 2023, Singapore and India's IPSs can transact cross border in real time Limited to banks only
Offline transactions
Yes
Operator
Banking associationCentral 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
Unknown,Unknown
Transaction cost
Free for P2P; charges for P2M,Unknown
Transaction types
P2P
P2M
B2B
G2P
P2GB2B
Value (Year-USD)
2022- 91K B
Volume (Year- Volume)
2022- 311 M,Unknown