Not really. Rice pudding is always best cooked slowly, so that the rice will absorb all the milk and soften. It is normally baked at a low temperature for a couple of hours, but may also be simmered on the hotplate in a covered saucepan, as long as the heat is kept low and the mixture is stirred frequently.
The only way to speed up the process is to use a microwave oven but it will still take about an hour, and care must be taken as milky puddings have a tendency to boil over in the microwave.
** Asian Recipes