5 Southeast Asian countries collaborate on Project Nexus, a cross-border retail payment platform led by BIS, set to launch by 2026.
India, Malaysia, Thailand, Singapore, and the Philippines are collaborating on Project Nexus, a cross-border retail payments platform set to launch by 2026. The initiative, led by the Bank for International Settlements, aims to connect each country's instant digital payment system, like India's UPI and Singapore's PayNow, to enable instant and affordable payments across borders. The platform is expected to enhance efficiency, speed, and cost-effectiveness in retail cross-border payments, potentially reaching a market of 1.7 billion people.
July 01, 2024
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