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Australia, Singapore, Malaysia and South Africa to Test CBDC Cross Border Payments

The central banks of Australia, Malaysia, Singapore, and South Africa will oversee cross-border payments trials using various CBDCs to see if this really makes transactions easier and cheaper.

The Reserve Bank of Australia, Bank Negara Malaysia, the South African Reserve Bank, the Monetary Authority of Singapore, and the Bank of International Settlement’s Innovation Hub declared in a statement that this project wants to create prototype shared platforms for cross-border transactions using several CBDCs.

This type of platform would allow financial institutions to make transactions directly with each other in CBDCs, thus putting an end to the need for intermediaries, while also reducing the time and cost needed for transactions.

The Assistant Governor Fraziali Ismail, Bank Negara Malaysia, declared: “The multi-CBDC shared platform … has the potential to leapfrog the legacy payment arrangements and serve as a foundation for a more efficient international settlement platform.”

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