Elevandi’s Post

Exploring Technology Disruptions in Cross-Border Payments: A Close Look at Project Nexus 🚀 While working on a project exploring technology disruptions in cross-border payments, I came across Project Nexus, and it’s a game-changer worth talking about! Picture this: sending money across borders as easily as sending a text. That’s the future the Bank for International Settlements – BIS envisions with Nexus, which aims to connect instant payment systems globally to make international transfers instant. 🔗 Why is Project Nexus a breakthrough? Currently, cross-border payments are slow, expensive, and complex. Nexus proposes a unified network that could eliminate these pain points by streamlining the process like never before. 🌟 Highlights that caught my eye: 1. Speed: With Nexus, international payments could be as quick as domestic ones—completed in seconds! 2. Cost Reduction: By cutting out intermediaries, Nexus could significantly reduce transaction fees. 3. Transparency and Accessibility: Leveraging the ISO 20022 standard, Nexus promises to enhance the clarity and consistency of transactions, making them easier to manage and track. A number of exciting initiatives are already enhancing cross-border payments: - April 2021: Singapore’s PayNow and Thailand’s PromptPay were linked, allowing bank customers to transfer funds using just a mobile phone number. - February 2023: Singapore and India established a new IPS link, further simplifying monetary transactions between the two nations. - Ongoing Efforts: There are continuous advancements in regional interlinking within Southeast Asia and Europe. Notable projects include EBA Clearing and The Clearing House in the EUR-USD corridor, P27 in the Nordic region, and Buna in the Arabic-speaking regions. 🤔 Questions stirring in my mind: ❔ How will Nexus handle the diverse regulatory landscapes across different countries? ❔What strategies are in place to encourage various national payment systems to adopt this new system? ❔What are the security measures to protect such a vast interconnected payment network? I’m excited about the potential of Nexus to smooth out international payment processes, which could be a major boon for global trade. Yet, the success of such innovative technology often hinges on the finer details. #ProjectNexus #CrossBorderPayments #FinancialTechnology #BIS #PaymentSystems #Innovation #GlobalTrade

ASEAN must invest in digital technologies and platforms to ensure seamless and secure cross-border payment connectivity while achieving interoperability and standardization among member countries. Find out more here: https://lnkd.in/gmvSaDA2 #fintech #payments #financialservices 

ASEAN must invest in digital technologies and platforms to ensure seamless and secure cross-border payment connectivity while achieving interoperability and standardization among member countries. Read more here: https://lnkd.in/gmvSaDA2 #fintech #payments #financialservices #digitalttransformation

Fintech Association of Hong Kong is excited to announce that the Hong Kong Monetary Authority (HKMA) has unveiled a new Fintech Promotion Roadmap, highlighting key initiatives to drive Fintech adoption in the financial services industry. This roadmap focuses on crucial Fintech areas such as WealthTech, InsurTech, and GreenTech, as well as technologies like Artificial Intelligence (AI) and Distributed Ledger Technology (DLT). In collaboration with the Securities and Futures Commission, the Insurance Authority, and key stakeholders, the HKMA aims to expand the scope of promotion and actively support financial institutions in implementing Fintech solutions. Over the next 12 months, the HKMA will launch various activities, including the establishment of a Fintech Knowledge Hub, hosting showcase events and roundtables, organizing seminars and training sessions, and publishing use case videos and research reports. FTAHK is a proud supporter of this initiative. For more information about the roadmap and upcoming initiatives, please refer to the detailed report below. FTAHK looks forward to witnessing and supporting the positive impact of these initiatives on the Fintech landscape in Hong Kong and the broader financial services industry! https://lnkd.in/gP8z8cjP #HKMA #FTAHK #Fintech #FinTechHK #HongKong #SuperConnector

#WorldComingCloser 🌍💸 Exciting News! 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝗡𝗲𝘅𝘂𝘀 has today completed its detailed plan to revolutionize #crossborderpayments. Soon, sending money across countries could be as #fast and #easy as sending a text message, with #lowerfees! 🔎 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗡𝗲𝘅𝘂𝘀? #Nexus is a #BISInnovationHub project that seeks to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. 𝗛𝗲𝗿𝗲’𝘀 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗸𝗻𝗼𝘄: ➡ 𝗚𝗹𝗼𝗯𝗮𝗹 🌏 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: Central banks from Indonesia 🇮🇩, Malaysia 🇲🇾, Singapore 🇸🇬, the Philippines 🇵🇭, and Thailand 🇹🇭 worked together on this project. ➡ 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝘁𝗼 𝗜𝗻𝗱𝗶𝗮 🇮🇳: India’s Unified Payments Interface (UPI), one of the world’s largest payment systems, will join next. ➡ 𝗡𝗲𝘄 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘂𝗽: A new organization, the Nexus Scheme Organisation (NSO), will manage and grow this system. ➡ 𝗕𝗜𝗦 𝗦𝘂𝗽𝗽𝗼𝗿𝘁: The Bank for International Settlements (BIS) will provide technical advice and help countries join the network. 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 : 1️⃣ 𝗙𝗮𝘀𝘁𝗲𝗿 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀: Send money across borders in seconds. 2️⃣ 𝗟𝗼𝘄𝗲𝗿 𝗖𝗼𝘀𝘁𝘀: Reduced fees for cross-border transactions. 3️⃣ 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗥𝗲𝗮𝗰𝗵: One connection gives access to multiple countries. 4️⃣ 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: Standardized systems reduce complexity and errors. #ProjectNexus is set to make global payments faster, cheaper, and more efficient #foreveryone! #WorldComingCloser #Fintech #Innovation #CrossBorderPayments #ProjectNexus #BISInnovationHub #CentralBank Congratulation Bank for International Settlements – BIS !!!!! Monetary Authority of Singapore (MAS) Reserve Bank of India (RBI) #BankIndonesia Bank Negara Malaysia Bangko Sentral ng Pilipinas #BankofThailand Link to the full details:

Chinese mainland, HK, Macao link each other's fintech supervision tools, to deepen GBA's ...: The Chinese mainland, Hong Kong and Macao have signed a tripartite memorandum of understanding (MOU) to link each other's fintech supervision ...

Assessing the Impact of the Fintech Development Plan (2022-2025) on China's Fintech Sector: As fintech continues to reshape the global financial landscape at a breakneck pace, China emerges as a frontrunner with its financial institutions ...

The rise of technological innovation in the financial services sector has transformed how we communicate, interact with money, and define consumers’ expectations. In a recent article, I discuss how Al Fardan Exchange is leveraging new technologies to redefine the remittance journey and deliver an effortless experience to our customers. #TECHx https://lnkd.in/dXfVZuNS

Fintech industry turns out for Asia Money 20/20 - Nation Thailand: Fintech industry turns out for Asia Money 20/20 · Cross-border transactions, open banking, better finance, and identity security are among the key ...

Excited to share a deep dive into the world of Fintech in banking. 📚 Published in 2022: "HKMA vs MAS: Comparative Study on the Legal Framework Regarding Fintech Usage in the Banking Sector" Ever wondered how financial powerhouses like Hong Kong and Singapore embraced Fintech back in 2022? 🤔 Join me in unpacking insights on how the Monetary Authority of Singapore (MAS) and Hong Kong Monetary Authority (HKMA) navigated the Fintech landscape.