Financial settlement network EMQ has joined Singapore’s Fast and Secure Transfers (FAST) network.
An electronic funds transfer service, FAST enables immediate fund transfers between participating banks.
The move will enable businesses to accelerate cross-border digital payments bolstering EMQ’s footprint across Southeast Asia.
EMQ co-founder and CEO Max Liu said: “As the digital transformation journey continues in Southeast Asia, enterprises today are increasingly international in scale to capitalise on the cross-border business opportunities.
“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.”
Businesses will gain access to 19 banks under Singapore’s FAST and extensive bank coverage across Malaysia through API integration.
EMQ Connect API integration platform is designed to provide solutions that will help businesses expedite cross-border payments.
The platform also provides transactional security and enables businesses meet local regulatory requirements.
Liu added: “We have consistently pursued operational excellence and network enhancement to deliver integrated cross-border settlement solutions and superior product experiences for our customers.
“Our expansion across Southeast Asia marks yet another significant milestone in our global growth strategy.”
Currently, EMQ network infrastructure encompasses Europe, the UK, India, China, Singapore, Malaysia, Hong Kong and Japan among other countries.
The company now plans to expand to Africa and the Americas.