The BIS and the monetary authorities of Indonesia, the Philippines, Thailand, Singapore and Malaysia will work toward forging a wider payments connectivity as the network is scaled up across more countries in the next phase, according to the statement.
The Bank for International Settlements will work with central banks in the 10-member Association of Southeast Asian Nations (Asean) 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.
