A real-time payments revolution in Asia
Asian central banks back instant payments to defend policy transmission and counter cryptocurrencies
New instant retail payment schemes will be launched in Hong Kong and Malaysia this year, enabling these jurisdictions to join Australia, Singapore, Thailand and the Philippines in the real-time retail payments club. Japan will also upgrade its retail payments network.
As a result, since the UK first launched its Faster Payments Service in 2008, around 35 countries across the globe have adopted or are adopting payments in real time, 24-hour, seven days a week, 365 days a year.1 These new instant
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