The system should provide instant cross-border payments between five Asian countries. To ensure its operation, the internal systems of the national banks of India, Malaysia, Thailand, Singapore and the Philippines are being integrated. This will allow you to use applications of banks abroad, including for payment by QR codes. It is noted that a sixth country, Indonesia, will join the project, so far as an observer. A company is currently being set up to manage a new international structure, after which operators will be selected in each country.
Photo: ru.freepik.com
For the first time, information about the Nexus project, which is being implemented by the Bank for International Settlements (BIS), appeared in the summer of 2024. Then it was reported that the instant payment system between India and the countries of Southeast Asia will work in 2026.
Due to the difficulties of international settlements after the imposition of sanctions against Russia, the Central Bank previously offered to carry out part of cross-border settlements using cryptocurrencies. We wrote more about this here.
