The rise of cross-border payments2 because of increasing international trade and technology advances has outpaced the development of regulatory frameworks suitable for global trade. Such discrepancy results in inefficiencies and barriers that hinder seamless and cost-effective transactions at a global scale. Acknowledging the importance of regulations in the development of cross-border payments, the Financial Stability Board (FSB) listed coordinating legal, regulatory and supervisory frameworks as one of the three priority themes of the G20 Roadmap for Enhancing Cross￾Border Payments. Meanwhile, the World Economic Forum led a comprehensive multistakeholder collaboration involving experts from the payment industry, technology companies, regulators, international organizations and academia to gather valuable insights into the regulatory frictions facing cross-border payments and propose potential solutions to promote regulatory interoperability.3