Free Newsletter Get the hottest Fintech Singapore News once a month in your InboxMore than 40 financial institutions and eight central banks have tested a shared platform for tokenised cross-border payments under Project Agorá. The initiative, led by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), is exploring whether tokenisation can improve wholesale cross-border payments. Its prototype combines tokenised central bank reserves and commercial bank deposits on a single programmable platform. Project Agorá is testing how smart contracts could automate payment conditions, compliance requirements and transaction workflows. The next phase is expected to give private-sector participants a larger role while participating central banks remain involved.