Bank of Thailand and four partner central banks incorporate Nexus Global Payments in Singapore to operationalise Project Nexus

Bank of Thailand, together with the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas and the Monetary Authority of Singapore, has incorporated Nexus Global Payments (NGP) in Singapore to operationalise and manage the Nexus multilateral instant cross-border payments scheme. NGP is set up as a not-for-profit company limited by guarantee, marking the transition of Nexus from a Bank for International Settlements (BIS) Innovation Hub project to real-world implementation. Nexus is designed to standardise how domestic instant payment systems connect across borders, allowing an instant payment system operator to connect once to Nexus to reach all other countries in the network. The five “first mover” jurisdictions will contribute the initial capital required to build and establish the platform and bring it to live operation, with an aim to expand membership to other interested jurisdictions over time. NGP has appointed Benjamin Lee as interim director (seconded from the Monetary Authority of Singapore) pending the appointment of a permanent director through a selection process. It has also started an open procurement process to appoint a Nexus Technical Operator to build the scheme technically and run day-to-day operations; the European Central Bank and Bank Indonesia will continue as special observers during operationalisation, while the BIS will support knowledge transfer until the first live Nexus transaction.