BOK and BIS Singapore Innovation Hub Jointly Promote Cross-Border Payment Services Project
CBDC Utilization Projects with Central Banks of Australia, Malaysia, and Singapore
On the 6th, the Bank of Korea announced that on the 5th, it decided to jointly promote an inter-country payment service project (Project Mandala) utilizing CBDC (Central Bank Digital Currency) with the Bank for International Settlements (BIS) Singapore Innovation Hub and the central banks of Australia, Malaysia, and Singapore.
Through this project, the Bank of Korea aims to verify whether institutional and regulatory matters of each country can be implemented on a shared platform using a 'proof of concept' approach. This is one of the measures to explore ways to enhance the efficiency of inter-country payment services requested to international organizations such as the BIS at the G20 central bank governors and finance ministers meeting in February 2020.
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The Bank of Korea explained, "The goal is real-time monitoring of inter-country payment transactions and enhancing the transparency of related institutions and regulations."
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