Thailand, India join regional plan for instant retail cross-border payments

Quick Summary:

MUMBAI: The central banks of Thailand, India, Malaysia, Singapore and the Philippines are working together to start an instant cross-border retail payments platform by 2026, the Bank of International Settlements (BIS) said on Monday.

India and the other four countries will be the founding members of the platform, while Indonesia will serve as a special observer, the BIS said.

FILE PHOTO: The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland on March 18, 2021.

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Article Details

Category: EconomyBusiness

Markets: ThailandIndiaIndonesiaMalaysiaPhilippinesSingaporeSwitzerland

Topics: Singapore (bis) International India Payments Cross-border Bank Instant Platform Settlements Central

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-01 @ 16:51:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 184 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 21443618

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