Project Nexus aims to address the challenges of speed, cost, access and transparency, in line with the G20 goals set out for enhancing cross border payments. Users can look forward to: Faster speed. A transaction is cleared in 60 seconds, on a 24/7 basis. Lower cost. The aim is to meet the G20's target for cross-border retail payments across any corridor to come down to less than 3% of transfer value. Wider access. The model will enable connectivity for all users of fast payment systems: banks as well as non-bank financial institutions. Greater transparency. A payment sender will have upfront certainty of fees due, and immediate update on transaction status. High security. The central platform leverages on the strong security and risk mitigation protocols built into national faster payment system. The ten members of the Association of Southeast Asian Nations, or ASEAN, have a shared vision of a multilateral network of payment linkages across ASEAN by 2025. MAS believes that Project Nexus can be a key enabler towards realising this vision. ASEAN is well placed to be a first-mover on this multilateral solution. In fact, as this network expands, we hope to see more countries coming onboard as we build connectivity from ASEAN to the rest of the world. Linking faster payment systems solves the cross-border payments problem but not settlements. While cross-border payments can be made instantaneous through such linkages, the settlement process for such payments only happens sequentially. It goes through a series of correspondent banks and depends on the jurisdictions' respective settlement cycles.

Muhammad bin Ibrahim: Challenges in compiling and communicating statistics in Malaysia Opening remarks by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the National Statistics Conference (MyStats 2012), Kuala Lumpur, 9 November 2012. *  *  *  Saya berbesar hati untuk mengalu-alukan kepada semua yang hadir pada persidangan yang julung-julung kali diadakan ini, MyStats 2012, yang memperlihatkan sekali lagi kejayaan dalam usaha kerjasama di antara Jabatan Perangkaan Malaysia dengan Bank Negara Malaysia. Saya juga amat gembira dan berbangga dengan sokongan yang ditunjukkan oleh para peserta yang mengambil bahagian hari ini, yang terdiri daripada sektor swasta dan sektor awam, pengguna dan perangkawan statistik, di samping rakan-rakan saya daripada Irving Fisher Committee on Central Bank Statistics (IFC). Dengan kehadiran kumpulan yang mempunyai pelbagai kepentingan ini, saya yakin forum ini akan menjadi platform yang amat sesuai untuk kita berkongsi pandangan, bertukar-tukar pengetahuan dan pengalaman tentang statistik, dan akhirnya memperoleh manfaat besar daripada persidangan ini. I am pleased to welcome all of you to this inaugural conference, MyStats 2012, a collaborative effort between Department of Statistics Malaysia and Bank Negara Malaysia. I am also very encouraged by the strong support from all of you present here today, representing both the private and public sectors, users and compilers of statistics, and Executives members from the Irving Fisher Committee on Central Bank Statistics (IFC). With such a diversified interest group, I believe this forum will be an important platform for us to share views, exchange statistical knowledge and experiences.