The Korea Herald


BOK, BIS, other central banks seek to launch cross-border transaction project

By Yonhap

Published : Oct. 6, 2023 - 09:37

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Bank of Korea's headquarters in central Seoul. (Herald DB) Bank of Korea's headquarters in central Seoul. (Herald DB)

South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions.

In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases, such as foreign direct investment, borrowing and payments.

Project Mandala seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring, and increasing transparency and visibility around country-specific policies, according to the BOK. (Yonhap)