With two established IP schemes in place, a wide range of initiation methods and 45% YOY growth, Singapore is well on its way to becoming an established IP market.
Its first scheme, Fast and Secure Transfers (FAST), launched in 2014. FAST enables retail and corporate customers of participating banks to transfer funds 24/7/365, and can be accessed via banks’ internet banking services — with a maximum transaction limit of S$200,000.
Singapore’s second scheme, PayNow, launched in 2017. It is a P2P instant fund transfer service built on the FAST infrastructure, and allows users to transfer funds from one bank account to another using a mobile number or National Registration Identity Card (NRIC) number, though transaction limits are consistent with FAST. As of 2018, businesses have access to PayNow Corporate, which empowers them to pay and receive funds in domestic currencies.