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Wednesday, July 24, 2024

Asian Central Banks Unite for Cross-Border Payments Platform

MUMBAI: Central banks from Thailand, India, Malaysia, Singapore, and the Philippines have announced their collaboration on Project Nexus, a cross-border retail payments platform slated to launch by 2026, according to the Bank of International Settlements (BIS). The initiative, revealed by the BIS on Monday, aims to integrate each participating country’s instant digital payment systems, such as India’s United Payment Interface (UPI) and Singapore’s PayNow, to streamline cross-border transactions.

Project Nexus, spearheaded by the BIS, often referred to as the central bankers’ central bank, seeks to enhance the efficiency and accessibility of global payments. India, along with the four other nations, will serve as founding members of the platform, with Indonesia participating as a special observer, as outlined by the BIS.

“Even in its initial phase with the first wave of interconnected countries, Nexus has the potential to link a market encompassing 1.7 billion people worldwide, facilitating seamless and cost-effective instant payments,” remarked Agustín Carstens, the general manager of the BIS, in an official statement.

The announcement underscores a significant step towards advancing financial connectivity and accessibility across Asia, leveraging established digital payment infrastructures to foster economic integration and consumer convenience.

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