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<ul class="news-points wp-block-list">
 <li>The BIS has teamed up with central banks from Australia, Singapore, Malaysia and more.</li>
 <li>The agencies collaborated for Project Mandala, a cross-border payment system.</li>
 <li>The framework uses both CBDCs and traditional systems like Swift.</li>
</ul>
The Bank for International Settlements (BIS) has partnered with central banks from Singapore, Australia, South Korea, and Malaysia to improve cross-border payment systems through Project Mandala.
According to a <a href="https://www.mas.gov.sg/news/media-releases/2024/bis-and-central-bank-partners-demonstrate-that-policy-compliance-can-be-embedded" target="_blank" rel="noopener noreferrer nofollow">press release</a> from the Monetary Authority of Singapore (MAS), Mandala integrates regulatory compliance directly into transaction protocols, protecting privacy while improving compliance with international regulations. This reduces the regulatory burden of cross-border transactions.
<h2 class="wp-block-heading" id="h-project-mandala-enhancing-compliance-and-privacy">Project Mandala: Enhancing Compliance and Privacy</h2>
The project uses features like a peer-to-peer messaging system, rules engine, and proof engine, which verify compliance without revealing user data. Maha El Dimachki, Head of the BIS Innovation Hub in Singapore, called this a pioneering approach to ensure data privacy across borders.
Project Mandala’s framework works with both digital asset systems, including central bank digital currencies…
The post <a href="https://coinedition.com/bis-and-central-banks-enhance-cross-border-payments-with-project-mandala/" rel="noopener noreferrer nofollow">BIS and Central Banks Enhance Cross-Border Payments with Project Mandala</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

BIS and Central Banks Enhance Cross-Border Payments with Project Mandala

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