Multiple Chinese banks announced their involvement in the mBridge cross border central bank digital currency (cross border CBDC) trials after the initiative launched its minimum viable product (MVP) last week. At least nine Chinese institutions are involved in the project, although that figure might now expand with the MVP.
The project uses multiple wholesale CBDCs to make cross border payments faster and cheaper. It’s a joint initiative from the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE. Saudi Arabia joined last week.
The Bank of China was the first bank to acknowledge the MVP stage of the project. As part of its statement it confirmed that it was the Chinese bank involved in the very first live transaction between the UAE and China in January. That wasn’t surprising given a cross border CBDC agreement was signed in October involving the Bank of China and First Abu Dhabi Bank (FAB) on the UAE side.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
