BIS and central bank partners launches Project Mandala

It explores protocols for cross-border transaction regulation.

The Bank for International Settlements (BIS) and the Monetary Authority of Singapore have launched Project Mandala to explore 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 looks to automate compliance procedures, provide real-time transaction monitoring, and increase transparency and visibility around country-specific policies. The goal is 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. 

The initiative is a collaboration between the BIS Innovation Hub (BISIH) Singapore Centre, Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), and other financial institutions.