Revolutionizing Cross-Border Payments Compliance with Project Mandala

Project Mandala is a proof-of-concept initiative aimed at addressing the challenges of cross-border payments caused by disparate policy and regulatory frameworks. It involves the collaboration of BISIH Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, the Central Bank of Malaysia, and the Monetary Authority of Singapore, along with financial institutions. The project seeks to automate compliance procedures, provide real-time transaction monitoring, and increase transparency and visibility around country-specific policies. The ultimate goal is to enable a more efficient cross-border transfer of digital assets, including central bank digital currencies (CBDCs) and tokenized deposits. The project aligns with the Financial Stability Board’s priority actions for enhancing cross-border payments.

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