Thailand, India join regional scheme for instant retail cross-border payments:- www.deekpay.com

　　According to a report in the Bangkok Post, the Bank for International Settlements (BIS) has announced that the central banks of Thailand, India, Malaysia, Singapore and the Philippines are collaborating on plans to launch an instant cross-border retail payments platform by 2026. Here is a brief summary of the story:

　　- The Bank for International Settlements (BIS), known as the "central bank of central bankers", has revealed that the central banks of these countries are working together to develop a cross-border payment system.

　　- The goal of the system is to interconnect national instant digital payment systems such as India's Unified Payments Interface (UPI) and Singapore's PayNow.

　　- This project is part of Project Nexus, the Bank for International Settlements' programme to enhance cross-border payments.

　　- India and four other countries (Thailand, Malaysia, Singapore and the Philippines) will be founding members of the platform.

　　- Indonesia will have a special observer role.

　　This programme aims to improve the speed and efficiency of cross-border payments, facilitating economic and financial transactions in participating countries.