The Bank of Korea (BOK) declared on Friday that it is collaborating with the Bank for International Settlements (BIS) and other central banks to initiate Project Mandala, an effort to simplify compliance requirements and provide real-time tracking of cross-border transactions.
The BOK mentioned that the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, Bank Negara Malaysia, and the Monetary Authority of Singapore are also participating in the project. Project Mandala is intended to simplify regulatory compliance by automating procedures, providing real-time transaction tracking, and increasing visibility and transparency of country-specific regulations.
This undated file photo shows the Bank of Korea’s headquarters in central Seoul. (Yonhap)
sam@yna.co.kr
(END)