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The Monetary Authority of Singapore (MAS) has joined the Mojaloop Foundation, one of the first central bank to send a director to serve as an advisor to the board of the foundation.
The foundation’s announcement said that Mojaloop will benefit from Singapore’s policy development perspectives and technical guidance.
According to Forbes, the challenge for Singapore is connecting domestic banking systems across borders to make payments, such as remittances secure, affordable, and well governed to avoid money laundering or terrorism finance.
While Mojaloop is designed to work with simple mobile phones, smart phones are becoming more popular as their prices drop, and are capable of scanning bar codes and QR codes.
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