Project Nexus successfully links Eurosystem, Malaysia, Singapore’s payment systems | Asian Business Review
, APAC
238 view s
Photo by Jonas Leupe via Unsplash.

Project Nexus successfully links Eurosystem, Malaysia, Singapore’s payment systems

For the next phase, Indonesia, Thailand, and the Philippines will link their payment systems with Singapore and Malaysia.

The BIS Innovation Hub Singapore Centre’s Project Nexus has successfully linked the Eurosystem's instant payments system (IPS) with Malaysia’s and Singapore’s respective payment systems.

The collaboration included the central banks of Italy, Malaysia, and Singapore, as well as the payment system operators PayNet and the Banking Computer Services (BCS).

For the next phase, the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will jointly work towards connecting their domestic instant payment systems.

ALSO READ: UNO Digital Bank offers account opening services to GCash users

The connection between these countries is expected to facilitate cross-border transactions across a combined population of about 500 million people.

“I am thrilled at our success in connecting three national payment systems and the potential this indicates for Nexus. It paves the way for further development, and we look forward to collaborating with our partner central banks on the next phase of the project,” said Cecilia Skingsley, Head of the BIS Innovation Hub. 

They floated plans to establish a Global Advisory Panel of central banks and payment system operators to advise on the project’s development beyond the Southeast Asian region. 

Follow the link s for more news on

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!