The Monetary Authority of Singapore (MAS) building.(Photo: AFP/VNA) Singapore (VNA) – The Monetary Authority of Singapore (MAS) said on March 23 that the Nexus Project prototype of the Bank for International Settlements (BIS) has successfully connected with the payment systems of Europe, Malaysia and Singapore. To enhance cross-border payments, the BIS Innovation Hub Singapore Centre developed the Nexus concept of a first-of-its-kind multilateral network connecting multiple domestic instant payment systems (IPS). Nexus prototype successfully connected the test IPS of the Eurosystem, Malaysia and Singapore, allowing payments to be sent across the three using only mobile phone numbers. In the next phase, BIS and the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will jointly work towards connecting their domestic IPS through Nexus. For the next phase of the project – in line with their November 2022 Memorandum of Understanding on … [Read more...] about Singapore promotes instant payment system connectivity in Southeast Asia