The Financial Task Force of APEC Business Advisory Council is making a big push for central banks to develop digital currencies that will be interoperable or can work seamlessly across 21 APEC countries.
The idea is to allow CBDCs, on a wholesale basis or for big transactions, to enable direct payment without having to go through the US system. This means it will be “cheaper, faster and less complicated,” he told visiting business journalists from the Philippines.
Interoperability is indeed a common theme that has emerged across the different industries tackled by ABAC, whether it’s green financing, sustainability or financial inclusion, said David Hardoon, CEO of Aboitiz Data Innovation, the Singapore-based data science and artificial intelligence arm of the Aboitiz Group.
“While ultimately the end-objectives of them are the same, the mechanisms and the requirements may slightly differ. So one of the recommendations is about how do we achieve interoperability. So in other words, it’s not just about forcing a standard but kind of connectivity,” Hardoon said.
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