Southeast Asia Prepares for CBDC Revolution as Nuspay and Bits & Blocks Announce Major Collaboration

Grand News Network | September 19, 2024

New York, United States, 19th Sep 2024 – Nuspay International Incorporated, a pioneering USA-based fintech leader, in partnership with Bits & Blocks Ltd., is proud to announce the launch of a transformative Central Bank Digital Currency (CBDC) project that promises to revolutionize the future of finance. Focused on innovation and security, this project is set to reshape the region's financial infrastructure, driving greater financial inclusion and fueling economic growth. The initiative is further bolstered by the participation of Peacock Trust United Kingdom, known for its extensive expertise in financial research and innovation.

Built on Nuspay International’s cutting-edge blockchain technology and fintech experience, and combined with Bits & Blocks’ strategic expertise in navigating the Southeast Asian financial landscape, this CBDC project addresses the core challenges faced by traditional financial systems, such as inefficiency, high transaction costs, and a lack of transparency. By focusing on creating a secure, scalable, and compliant digital currency solution, the project aims to redefine how Southeast Asian economies engage with digital finance.

Md. Abul Mansur, Managing Director of Nuspay International Incorporated, has been an early pioneer in the conceptualization of CBDC. Reflecting on his work, Mr. Mansur shared: “I began developing the initial concept of CBDC around currency virtualization, envisioning a solution that goes beyond e-Money, which is often controlled by commercial entities rather than the central bank. I asked myself, ‘If fiat currency is controlled by central banks, why shouldn’t e-Money be as well?’ This thinking led me to build the technological framework for CBDC, ensuring that it aligns with central bank regulations to provide the highest levels of security, transparency, and trust.”

Nuspay International’s contribution to this project focuses on leveraging its expertise in blockchain technology and digital security, creating a robust framework that facilitates real-time payments, enhanced traceability, and significantly reduced transaction costs.

With Nuspay’s proven track record, this CBDC solution is tailored to meet the unique needs of Southeast Asia, ensuring seamless integration with existing financial systems while improving efficiency and reducing risks inherent in traditional currency models.

Mr. Mohammed Nurul Afsar, Managing Director of Bits & Blocks Ltd., expressed his enthusiasm for the project: “Bits & Blocks is honored to be part of this innovative venture. Our goal is to create a business strategy that ensures the CBDC system complies with local regulations and is tailored to the specific needs of financial institutions and governments in Southeast Asia. This project will fundamentally transform how financial transactions are conducted in the region, providing a secure, scalable solution that will shape the future of finance.”

Adding credibility and ensuring the project’s strategic alignment with global financial standards is Peacock Trust, under the leadership of Dr. Shamima Hardcastle, CEO of Peacock Trust United Kingdom. Peacock Trust not only drives financial research and innovation but also operates the Educational Research Institute, working with Generative AI to enhance financial education. Dr. Hardcastle also serves as President of Nuspay (UK Operations), reinforcing the project’s integrity and ensuring it adheres to the highest international standards.

Commenting on the initiative, Dr. Hardcastle remarked: “This CBDC project is a game-changer for Southeast Asia. By combining the technological expertise of Nuspay International with the strategic vision of Bits & Blocks, we are building a digital currency system that is secure, efficient, and fully compliant with regulatory requirements. This will usher in a new era of financial transparency and inclusivity.”

The introduction of CBDC in Southeast Asia is expected to offer significant benefits, including enhanced security, faster payments, and lower transaction costs. By harnessing the power of blockchain technology, each CBDC transaction will be transparent and traceable, helping governments combat illegal activities such as money laundering and tax evasion. Furthermore, eliminating intermediaries will make transactions more affordable and accessible, addressing key barriers to financial inclusion in the region.

The impact of this project on internal monetary flows, cross-border payments, and remittances—a vital source of income for many Southeast Asian countries—will be substantial. CBDC will enable real-time cross-border transfers, reducing the delays and high fees that traditionally accompany such transactions. Additionally, by providing unbanked populations with access to digital financial services, this project will foster broader financial inclusion, allowing more people to participate in the formal economy.

As the global economy continues its shift towards digital finance, the collaboration between Nuspay International Incorporated and Bits & Blocks Ltd. positions Southeast Asia as a leader in CBDC adoption. With a focus on security, scalability, and inclusivity, this project sets the stage for future digital currency systems, providing a path to a more efficient, transparent, and inclusive financial future.

For more information about this transformative CBDC project and how it can benefit financial institutions, governments, and consumers, please contact: care@nuspay.com

About Nuspay International Incorporated

Nuspay International Incorporated, based in the USA, is a global leader in fintech innovation, specializing in blockchain-based digital payment systems. Known for delivering secure and scalable financial solutions, Nuspay is at the forefront of technological advancements in the digital economy.

About Bits & Blocks Ltd.

Founded in 2023, Bits & Blocks Ltd. is a fast-growing company specializing in CBDC solutions. With a strong focus on regulatory compliance and business strategy, Bits & Blocks is committed to driving the future of digital finance across Southeast Asia.

About Peacock Trust

Peacock Trust United Kingdom, established in 1999, is a non-profit organization dedicated to promoting financial literacy, inclusion, and innovation. The Trust operates globally through initiatives such as the Educational Research Institute and works with Generative AI to advance financial education and innovation.