PH, four Asian countries to link payments systems

Jul 02, 2024 12:32 am

FIVE central banks in Asia, including the Bangko Sentral ng Pilipinas (BSP), are preparing for the implementation of a cross-border retail payments platform under a Bank of International Settlement's (BIS) initiative.

The BIS, dubbed the central bankers' central bank, said its Project Nexus aimed to link the instant payment systems (IPS) of the Philippines, India, Malaysia, Singapore and Thailand.

From left: Bank of Thailand Governor Governor Sethaput Suthiwartnarueput, Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., Reserve Bank of India Governor Shri Shaktikanta Das, Bank for International Settlements General Manager Agustín Carstens, Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour and Monetary Authority of Singapore Managing Director Chia Der Jiun pose during signing ceremony and launch of Project Nexus’ phase four in Basel, Switzerland, on June 30, 2024. Photo from the BSP website.

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