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Project Mandala aims to streamline cross-border transactions with real-time monitoring

EditorAmbhini Aishwarya
Published 06/10/2023, 06:16
© Reuters.
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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.

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