The Reserve Bank of India (RBI) on Monday announced that it has joined Project Nexus with four ASEAN countries. The initiative aims to create a platform for instant settlement of cross-border retail payments.
In a statement, the RBI mentioned that Project Nexus, conceptualized by the Bank for International Settlements (BIS) Innovation Hub, aims to connect India's Unified Payment Interface (UPI) with the fast payment systems of ASEAN members Malaysia, Philippines, Singapore and Thailand.
UPI services launched in these countries
The central bank further said that an agreement was signed on June 30, 2024, in Basel, Switzerland by the BIS and the central banks of these four countries: Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Philippines (BSP), Monetary Authority of Singapore (MAS) and RBI.
Indonesia will participate as a special observer in the initial phase.
Service expected to launch by 2026
The RBI indicated that the platform could be expanded to more countries in the future, and is expected to be launched by 2026. Nexus is set to play a key role in cross-border payments, facilitating faster and more cost-effective transactions.
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