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FIVE central banks in Asia, including the Bangko Sentral ng Pilipinas (BSP), are preparing for the implementation of a cross-border retail payments platform under a Bank of International Settlement's (BIS) initiative. The BIS, dubbed the central bankers' central bank, said its Project Nexus aimed to link the instant payment systems (IPS) of the Philippines, India, Malaysia, Singapore and Thailand. The BSP, Reserve Bank of India (RBI), Monetary Authority of Singapore (MAS), Bank of Thailand (BOT) and Bank Negara Malaysia (BNM) will be the founding members while Bank Indonesia will remain a special observer. "Even with just the first wave of connected countries, Nexus has the potential to connect a market of 1.7 billion people globally, allowing them to make instant payments to each other easily and cheaply," BIS General Manager Agustín Carstens said in a statement. The BIS, BSP, RBI, MAS, BOT and BNM announced the completion of the detailed plan for phase three of Project Nexus, seen as enabling participants who are ready to work toward the next stage. Phase four, which was launched on Sunday in Switzerland, will see the central banks of Singapore, Malaysia, the Philippines and Thailand — who worked together in phase three — joined by the Indian central bank, whose IPS is said to be the largest in the world.
