Project Mandala: smoothing cross-border finance with regulatory alignment
A new project in the Asia Pacific arena will explore the potential for common regulatory protocols to ease cross-border financial processes such as investment, borrowing, and payments.
Diverging policy and regulation between countries can pose a challenge for the international financial landscape. Disparities between countries add layers of complexity, causing delays and uncertainty.
Project Mandala – driven by BISIH Singapore Centre, the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), the Central Bank of Malaysia (BNM), and the Monetary Authority of Singapore (MAS), with the collaboration of financial institutions – aims to simplify things by automating compliance procedures, providing real-time transaction monitoring and increasing transparency and visibility around country-specific policies.
The end goal is to enhance transparency, efficiency and security in the ever-evolving digital financial world. Keep an eye on this space for further developments.
Read more here.
