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Central banks in Asia launch cross-border instant payment platform

The central banks of India, Malaysia, Thailand, Singapore, and the Philippines are collaborating under the Bank of International Settlements (BIS) to create an instant cross-border retail payments platform. This initiative, known as Project Nexus, connects each country’s digital payment system, with phase three’s blueprint completed, preparing for further integration. Phase four will include India’s Unified Payments Interface (UPI) and expand the network’s reach. Bank Indonesia maintains observer status. Agustín Carstens of BIS highlighted that Nexus could eventually connect a market of 1.7 billion people, facilitating easy and cost-effective global payments. This aligns with the G20’s cross-border payments programme and aims to enhance financial system functionality.


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