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Global cross-border payments, both retail and corporate, are growing at a steady pace. Nonetheless, these transactions remain expensive compared to domestic payments. There is also a lack of transparency in the process.
A fundamental paradigm shift may be required to address these issues, over the longer term, enabled by new technology platforms.
To that end, two reports released by the Monetary Authority of Singapore have explored the root causes of these existing challenges, the desired future-state capabilities and the potential operating models.
In this issue, we will provide you with an overview of the topics, and insight to help you navigate the future landscape of cross-border payments.