South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions.

In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases, such as foreign direct investment, borrowing and payments.

Project Mandala seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring, and increasing transparency and visibility around country-specific policies, according to the BOK. (Yonhap)