SIXTH ASIAN PAYMENT NETWORK FORUM ESTABLISHES A CHARTER FOR ONE-VISION AND ONE-IDENTITY

Kuala Lumpur, May 24, 2010 – The Sixth Asian Payment Network Forum (APN) wrapped up in Langkawi with members reaffirming their commitment to accelerate the network’s position and influence to promote growth and advancement of regional switching, clearing and settlement infrastructure and services in the region.

The 1.5-day meeting, hosted by Malaysian Electronic Payment System Sdn Bhd (MEPS), was attended by the leaders of 8 national e-payment network switching providers’ from Indonesia, Malaysia, Thailand, Singapore, Philippines and South Korea.

The members, in recognizing the need for more inter-connected e-payment systems and its importance in strengthening financial integration in the Asian region, formalized an APN Charter.

MEPS’ Group Managing Director, Mohd Suhail Amar Suresh, who was elected as Chairman of the APN for 2010/2011, said “The Charter is a big step towards the formation of a united body of e-payment service providers. One of the aspirations of the Charter is for APN to promote One-Vision and One-Identity through a unified representation. The APN will soon be launching a common logo to represent the availability of cross-border transactions between its members.”

“APN members will also be intensifying its collaborative efforts within the region and beyond, to further expand on the existing cross border links between national payment, clearing and settlement systems; as well increasing the participation of member banks in the cross-border services,” Mohd Suhail added.

The APN will soon be offering cross-border funds transfer and e-POS services, in addition to the existing cross-border ATM cash withdrawals; and is expected to expand its membership pool, by the end of 2010, to include network switching providers from Bangladesh and Vietnam.

About Asian Payment Network Forum
Asian Payment Network Forum (APN) was initiated in 2006 to promote growth and advancement of its members and their stakeholders through the establishment of common standards and guidelines and collaborative regional efforts for the domestic and regional switching, clearing and settlement of all electronic payment transactions. Currently, APN has 8 members:

Indonesia
PT Alto Network (Alto)
PT Artajasa Pembayaran Elektronis (Artajasa)
PT Rintis Sejahtera (Rintis)

Malaysia
Malaysian Electronic Payment System Sdn Bhd (MEPS)

Singapore
Network for Electronic Transfers Pte. Ltd. (NETS)

South Korea
Korea Financial Telecommunications & Clearings institute (KFTC)

Thailand
National ITMX Co., Ltd. (ITMX)

Philippines
MegaLink, Inc.