Singapore · Account Transfer · Est. 2014
Singapore's two-layer instant payment infrastructure: FAST (Fast And Secure Transfers, 2014) provides the real-time clearing rail, while PayNow (2017) adds a proxy-based overlay allowing transfers via mobile number, NRIC/FIN, UEN, or VPA. PayNow has cross-border linkages with India's UPI, Thailand's PromptPay, and Malaysia's DuitNow. Governed by the Association of Banks in Singapore (ABS) under MAS oversight, the system supports P2P, P2M, and government disbursements with no transaction fees for individuals.
FAST is Singapore’s real-time payment system (Account Transfer), launched in 2014. Singapores two-layer instant payment infrastructure: FAST (Fast And Secure Transfers, 2014) provides the real-time clearing rail, while PayNow (2017) adds a proxy-based overlay allowing transfers via mobile number, NRIC/FIN, UEN, or VPA.
FAST processed 615.0 million transactions worth $603.1bn in 2025, a year-on-year change of +23.0%.
FAST is operated by MAS, with instant settlement.
FAST launched in 2014, and today has 25 participating institutions.
FAST supports proxy/alias lookup, ISO 20022 messaging.
Data source: MAS.
| Capability | Status |
|---|---|
| QR Code Payments | ◐ |
| Wallet Support | ◐ |
| 24/7 Availability | ✓ |
| Cross-Border | ✓ |
| ISO 20022 | ✓ |
| Request to Pay | — |
| Open API | ◐ |
| Alias/Proxy | ✓ |