BIS and Central Banks Enhance Cross-Border Payments with Project Mandala

• The BIS has teamed up with central banks from Australia, Singapore, Malaysia and more.
• The agencies collaborated for Project Mandala, a cross-border payment system.
• The framework uses both CBDCs and traditional systems like Swift.

The Bank for International Settlements (BIS) has partnered with central banks from Singapore, Australia, South Korea, and Malaysia to improve cross-border payment systems through Project Mandala.

According to a press release from the Monetary Authority of Singapore (MAS), Mandala integrates regulatory compliance directly into transaction protocols, protecting privacy while improving compliance with international regulations. This reduces the regulatory burden of cross-border transactions.

Project Mandala: Enhancing Compliance and Privacy

The project uses features like a peer-to-peer messaging system, rules engine, and proof engine, which verify compliance without revealing user data. Maha El Dimachki, Head of the BIS Innovation Hub in Singapore, called this a pioneering approach to ensure data privacy across borders.

Project Mandala’s framework works with both digital asset systems, including central bank digital currencies…

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