“Instant Retail: Seamless Cross-Border Payments with India and ASEAN”
T he Reserve Bank of India’s (RBI) recent move to join Project Nexus, a multilateral initiative to enhance cross-border retail payments, is a significant step forward. By collaborating with the Bank for International Settlements’ Innovation Hub, RBI aims to interconnect domestic fast payment systems (FPS) across ASEAN countries, including Malaysia, the Philippines, Singapore, Thailand, and India as a founding member. With an expected launch by 2026, this platform will streamline cross-border transactions, making them faster and more cost-effective. The Association of Southeast Asian Nations, or ASEAN, is a diverse economic community with varying economic systems and growth stages. Brunei, despite its small size, relies heavily on petrol and oil exports. Cambodia and Laos are emerging economies, focusing on clothing manufacturing and agriculture. Indonesia, the largest economy in ASEAN, boasts a wide range of exports such as textiles, coal, and palm oil. Malaysia’s economy is strong...