African central banks discuss CBDCs for cross-border payment
Thirteen central banks met in Kenya recently to discuss the impact of CBDCs on cross-border payments while still ensuring AML and CFT standards are adhered to.
Latest cross-border payments News
Bank of International Settlement wraps up mBridge cross-border CBDC pilot
A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
Russia approves digital assets for international payments with strict rules against money laundering
The use of digital assets in foreign transactions is set in stone, with Russia assuring that the move aligns with its AML policy while entities work with the central bank for smooth enforcement.
Russia’s Finance Ministry eyes collaboration with other countries on stablecoin settlement platform
To counter sanctions, Russia is looking to set up a stablecoin platform with help from allies to settle cross-border payments, utilizing tokens that hold value similar to gold.
Russia reconsiders stance on use of digital assets after past prohibitions
Following a barrage of sanctions and an ongoing row with the West, Russia is reportedly seeking to diversify its payment transactions with virtual currencies while mulling regulations to prevent misuse.
China and Hong Kong working on digital yuan cross-border payments
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
Thailand, Hong Kong central banks move closer to digital currency adoption
The Bank of Thailand and Hong Kong’s central bank have made progress in their plans to issue a central bank digital currency.
Singapore central bank to use blockchain in new payments system
The Monetary Authority of Singapore has completed a blockchain-powered cross border payment system that can handle a wide range of currencies.
Cambodia eyes digital wallets to ease cross-border payments
The Central Bank of Cambodia is examining how digital payment platforms can reduce the costs of cross-border payments.
Africa’s BitPesa, Japan’s SBI Remit team up for cross-border payments
The partnership will see the two companies utilizing blockchain technology to make it easier for Africans to buy Japanese products. With the help of blockchain, BitPesa and SBI Remit expect to get rid of challenges accompanying the transfer of funds between African traders and Japanese exporters.