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Unrealistic as it was technically, the idea of a pan-Asian currency always had some political support: Since 2005, the Japanese have published the exchange value of something called the Asian Monetary Unit, a precursor to what would one day become the region's equivalent of the euro. The debt crisis in southern Europe — and the threat it posed to the single currency in the
Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
Synopsis With Nexus, it’ll be possible before hitting “Send” to establish if the payment will succeed. For instance, by validating that the recipient’s bank account is operational and checking for compliance with anti-money-laundering rules. The uncertainty associated with traditional one-way communication will become history. ThinkStock Photos In the age of smartphones, international wire transfers belong in money museums. In more than 60 countries, including many developing nations, it has become incredibly easy to send funds in real time to someone else over the internet — knowin...
The Bank for International Settlements Innovation Hub Singapore Center and the Monetary Authority of Singapore (MAS) published a proposed blueprint to enhance the global payments network connectivity via multilateral linkages of countries’ national retail payment systems. Titled Project Nexus, this blueprint outlines how countries can fully integrate their retail payment systems onto a single cross-border network, allowing customers to make cross-border transfers instantly and securely. According to a statement from MAS, “this blueprint will bring like-minded regulators and instant pay...