KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Key Takeaway: Project Nexus aims to enable instant, seamless cross-border payments globally, with full implementation expected by 2027.
The Bank for International Settlements (BIS), together with Bank Negara Malaysia (BNM) and central banks from Singapore, Thailand, the Philippines, and India, is advancing Project Nexus to streamline cross-border instant payment systems (IPS).
Highlights of Project Nexus:
Unified Cross-Border Payments
- IPS networks, like Malaysia’s DuitNow, will connect seamlessly via a single unified network, enabling instant and secure fund transfers across borders using proxies like mobile numbers.
Phase 3 Milestones
- Phase 3, concluding in 2024, delivered a comprehensive framework, including:
- Governance roadmap
- Revenue model
- Technical specifications for the Nexus system.
Phase 4 Objectives
- The next phase involves live implementation, with immediate priorities to:
- Establish the Nexus Scheme Owner (NSO) in Singapore to manage the system.
- Develop the Nexus technology solution.
Timeline for Completion
- Full operational rollout is anticipated by 2027, marking a significant step toward a globally integrated payment ecosystem.
Why It Matters:
This initiative by BIS and participating central banks will transform global cross-border payments, making them faster, safer, and more accessible. With seamless interoperability across IPS networks, individuals and businesses can look forward to instant fund transfers, revolutionizing international transactions and boosting economic connectivity.
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