📢The central banks of India🇮🇳, Malaysia🇲🇾, Thailand🇹🇭, Singapore🇸🇬, and the Philippines🇵🇭 want to launch a joint platform for instant cross-border retail payments

📢The central banks of India🇮🇳, Malaysia🇲🇾, Thailand🇹🇭, Singapore🇸🇬, and the Philippines🇵🇭 want to launch a joint platform for instant cross-border retail payments

This was announced on Monday by the “*Bank of Central Banks*” of Southeast Asia — Bank for International Settlements (BIS). The project is expected to “take off” by 2026.

➡️ The platform will be called Nexus and will integrate regional giants such as India’s United Payment Interface (UPI) and Singapore’s PayNow.

➡️ With the first wave of connected countries, Nexus aims to unite a market of 1.7 billion people, allowing them to easily and cheaply make instant P2P and P2M payments. In addition to the five mentioned countries, Indonesia🇮🇩 will also participate in the project, but not as a full partner, rather as a “special observer”.

➡️ Over the past year, the Reserve Bank of India (RBI) has raised concerns several times that the current cost of cross-border transactions (6%), which is considered too high and needs to be reduced. An alliance with other countries at the governmental level may help solve this problem.

#news #Asia #India

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