A new initiative, Project Mandala, is set to transform cross-border financial activities by integrating jurisdiction-specific regulations into a common protocol. This project is a joint effort between the Bank for International Settlements (BIS), the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), Bank Negara Malaysia (BNM), and the BIS Innovation Hub Singapore Centre.
The main objective of the project is to automate compliance and monitor international transactions, including foreign direct investment, borrowing, and payments in real-time. This approach is expected to alleviate regulatory complexities associated with cross-border financial activities.
Project Mandala will encode jurisdiction-specific policies into a common protocol. The scope of these policies includes real-time transaction monitoring, anti-money laundering measures, and terrorism-financing countermeasures.
Additionally, Project Mandala anticipates a robust digital asset transfer system for Central Bank Digital Currencies (CBDCs) and tokenized deposits. The project also aims to include a compliance layer that factors in quantifiable foreign exchange rules. This could potentially revolutionize the way cross-border transactions are conducted, offering a more streamlined and efficient approach to international financial operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.