Major settlement network announces FAST integration

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • EMQ will work alongside FAST in order to enhance business to business payment capabilities in Singapore and Malaysia
  • The new development will be powered by an application programming interface (API) called “Connect”
  • "Our new expansion across Singapore and Malaysia will further complement our capabilities in Southeast Asia and we are well-positioned to offer businesses direct payment access to international markets”, said a senior EMQ figure

A leading international financial settlement network has confirmed that it will work alongside FAST for better online money transfer in the Southeast Asia region.

FAST, which stands for Fast and Secure Transfers and covers Singapore, will be directly integrated with EMQ to improve the payments infrastructure there.

There will be added support for business customers in Malaysia too, thanks to EMQ’s broad bank coverage in the country.

Firms which operate in the country will now be able to gain access to almost 20 banks thanks to the integration with FAST, which will occur through a single point.

This point will be an application programming interface (API).

It is understood that the API, which will be called “Connect”, will reduce the number of complications involved in making cross border payments.

In particular, it is set to help firms which are struggling to find a solution that works at the same scale as their current large volumes of transactions.

Firms which use the platform will also be able to experience enhanced security measures designed to make their online experience safer and stronger.

According to Max Liu, who is the co-founder and chief executive officer of EMQ, the move will help companies to “capitalize” on the opportunities for international commerce that the digital revolution has ushered in.

"As the digital transformation journey continues in Southeast Asia, enterprises today are increasingly international in scale to capitalize on the cross-border business opportunities”, he said.

“It is fuelling the explosive growth in digital payments, which is expected to exceed $1 trillion by 2025. Hence, the ability to make and receive cross-border payments quickly and transparently is critical for businesses to thrive globally.”

"Our new expansion across Singapore and Malaysia will further complement our capabilities in Southeast Asia and we are well-positioned to offer businesses direct payment access to international markets”, he added.

In further remarks, Liu described the new development as a “significant milestone” in terms of the firm’s strategic vision.

"We have consistently pursued operational excellence and network enhancement to deliver integrated cross-border settlement solutions and superior product experiences for our customers", he said.

"Our expansion across Southeast Asia marks yet another significant milestone in our global growth strategy,” he added.

Don’t fall behind when it comes to picking up the latest news on the performance of the cross border payments industry. Check out our news pages here to learn more about this fast-moving world.


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