SINGAPORE, Jan. 23 (Xinhua) -- The FinTech Cooperation Committee (FTCC) of Asian Financial Cooperation Association (AFCA) on Wednesday published a mobile payment technical specification at the opening ceremony of FTCC in Singapore.
The Mobile Payment - Technical Specification for Merchant-Presented QR Code is the first standard announced by an AFCA professional committee. It mainly specifies the transaction process, information format and security requirements of the relevant client software for the QR code presented by the merchant.
According to the FTCC, the specification applies to the development, operation, management and maintenance of payment and value-added services using the merchant-presented QR code mode.
The FTCC was launched by AFCA on Wednesday morning. Yang Zaiping, AFCA's secretary-general, said at the opening ceremony that the purpose of the FTCC is to uphold the philosophy of "Openness, Inclusiveness, Joint-governance and Shared benefits" with its focus on Asia.
It amis to build a platform for regional technology communication and collaboration, discuss related frontier issues, promote the best FinTech practices and accelerate the formulation of FinTech-related group and industry standards.
The FTCC has about 60 member units from various countries and regions, Yang said.
AFCA is a regional non-governmental and non-profit organization, comprising financial institutions, financial industry associations, relevant professional service agencies and experts of the financial sectors from Asian countries and regions on a voluntary basis.
