The central banks of Malaysia, Thailand, Singapore, the Philippines and India are teaming up to start an instant cross-border retail payments platform by 2026, the Bank of International Settlements (BIS) said on July 1.

The central banks of Malaysia, Thailand, Singapore, the Philippines and India are teaming up to start an instant cross-border retail payments platform by 2026. (Photo: thestar.com.my)

BIS said it aims to link each country's instant digital payment system, like India's United Payment Interface (UPI) and Singapore's PayNow, as part of Project Nexus, its initiative to enhance cross-border payments.

India and the four countries will be the founding members of the platform, while Indonesia will serve as a special observer, BIS said.

Nexus has the potential to connect a market of 1.7 billion people globally, allowing them to make instant payments to each other easily and cheaply, Agustín Carstens, general manager of the BIS, said in a statement.

Source: VNA