Seventh CAREC Chai “Regulatory Frictions in Digital Payments: Cross-Border Interoperability”

8 Dec 2023

The CAREC Institute, in collaboration with the CAREC Secretariat and the Asian Development Bank, is organizing the 7th CAREC Chai event “Regulatory Frictions in Digital Payments: Cross-Border Interoperability” on December 8, 2023, at 12:00-17:30 Beijing time. The dialogue aims to foster a discussion on overcoming regulatory hurdles, ultimately contributing to the development of a cross-border payment system suited for the demands of today’s digital economy and international trade.

The hindrance of cross-border payments has long been acknowledged as a major impediment to global trade. Efforts to address this challenge have focused on advancing payment technologies and promoting the adoption of internationally recognized technical standards to achieve technical interoperability. Both public and private sectors are actively implementing or exploring cutting-edge technologies, such as blockchain, AI, and APIs, to enhance cross-border payments. However, technological advancements alone cannot fully resolve the complexities associated with cross-border transactions. Addressing regulatory hurdles that hinder interoperability is essential to make significant progress in developing a cross-border payment system that meets the needs of today’s digital economy and trade. Policymakers and industry experts now agree that addressing these regulatory hurdles is a top priority for improving cross-border payments.

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