BIS, Asean Central Banks Explore Fund Transfers Across Borders
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The Bank for International Settlements will work with central banks in the 10-member Association of Southeast Asian Nations to connect their national payment systems to a cross-border payment gateway.
The plan follows a successful linkage of the Eurosystem with Malaysia and Singapore via a prototype of Project Nexus, which enables instantaneous fund transfers between the countries via mobile phones, Bank Negara Malaysia and BIS Innovation Hub said in a joint statement Thursday.