- Project Mandala, led by BISIH Singapore Centre and global partners, aims to revolutionize financial compliance.
- Leveraging automation, it offers real-time monitoring and transparency to ease the compliance burden.
- The project targets cross-border payment improvements aligned with the Financial Stability Board’s 2023 agenda.
In a developmental array, a ground-breaking concept has been introduced today in the form of Project Mandala. It is a proof-of-concept initiative spearheaded by BISIH Singapore Centre in collaboration with esteemed partners, including the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), the Central Bank of Malaysia (BNM), and the Monetary Authority of Singapore (MAS).
This innovative project aims to revolutionize the financial landscape by streamlining policy and regulatory compliance processes. Let’s dive into the details.
Leveraging cutting-edge automation, Project Mandala promises real-time transaction monitoring and bolsters transparency. It is set to alleviate the compliance burden faced by financial institutions, providing a holistic solution to navigate the intricate web of country-specific policies while fostering efficiency and accountability in the ever-evolving financial ecosystem.
In pursuit of this objective, it seeks to tackle the significant issues pinpointed during Project Dunbar, which involved the creation of an experimental platform for multiple central bank digital currencies (mCBDCs).
The proposed compliance-oriented framework has the potential to enhance the seamless cross-border movement of various digital assets, such as CBDCs and tokenized deposits. Furthermore, it could establish the fundamental compliance infrastructure for both established and emerging wholesale or retail payment systems.
These measures might also encompass quantifiable and adaptable regulations regarding foreign exchange alongside robust anti-money laundering. Moreover, there is also expected to be an effort to combat the financing of terrorism (AML/CFT) protocols.
With the Financial Stability Board 2023 agenda in vision, the project aims to achieve the G2- targets for cross-border payments in the area. Let’s see how it turns out in the near future.