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How money is being sent overseas in 60 seconds or less
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With innovation and new players, consumers can expect cheaper and more efficient ways of transferring money across borders.
PHOTO: LIANHE ZAOBAO
Andy Mukherjee
Money will soon jump borders in 60 seconds or less.
When I described Nexus as consumer banking’s next big thing three years ago, it was just a concept: A blueprint for countries to link their smartphone-based payment networks. The idea is now much closer to reality. The central banks of India, Malaysia, the Philippines, Singapore and Thailand are working with the Bank for International Settlements on live implementation. Bank Indonesia is participating as an observer.
