Bank of Korea's headquarters in central Seoul. (Herald DB)
South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions.
In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases, such as foreign direct investment, borrowing and payments.
Project Mandala seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring, and increasing transparency and visibility around country-specific policies, according to the BOK. (Yonhap)
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