Monetary Authority of Singapore

Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.

Local financial firms are expected to remain resilient even should the economy slip into a recession again.

The sector will continue in a “reform and transform” path, hinging on successful digital banking applicants.

It simulated cross-border transactions involving multiple CBDCs on a common network.

Since being launched in April 2020 it has disbursed S$13.3b to FIs in support.

They failed to properly monitor individuals onboarded as advisors, directors.