How is this timer created?

I can't think of any easy way but to do this in Adobe After effects using their text filter. I know they have a filter where it will generate timecode. You can basically take that and give it a bit of tweak. Use your imagination. Hope this helps if any.

I knew of a guy once who wrote a small plugin for premiere that generated numbers. You might want to google it. good luck.
 
You could build that with a section of the TimeCode Effect and a mask built in the Titler (or use After Effects.
 
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