On November 15, 2018, the Monetary Authority of Singapore (MAS) released a report titled “Cross-border interbank payments and settlements: Emerging opportunities for digital transformation”, which was drafted in close collaboration with the Bank of Canada (BoC) and the Bank of England (BoE). Certain commercial banks led by HSBC also participated in the project.
Recognising the importance of cross-border payments, the value of which is expected to steadily grow from US$22trn in 2016 to US$30trn in 2022 across both retail and corporate payments, the report looks into the main challenges arising during the settlement process of such transactions and the root causes of these challenges. It further presents and examines three alternative models of cross-border payments.
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