mBridge, the wholesale platform for cross border CBDC payments is preparing to launch ‘very soon’. That’s according to Eddie Yue, the CEO of the Hong Kong Monetary Authority (HKMA), one of the four participant central banks. The others are China, Thailand and the UAE.
Mr. Yue described the planned launch as a minimum viable product that will pave “the way for the gradual commercialisation of mBridge.” When the central banks and the Bank for International Settlement (BIS) shared the results of the last pilot a year ago, several additional central banks had observer status. The key findings were it enables faster, cheaper, more transparent payments.
There’s a good chance they kept the group small precisely so the platform could reach production quickly. Large consortia are notoriously slow. From a decision making perspective, the senior group is even tighter than it looks, given the UAE representative, Shu-Pui Li, spent 17 years at the HKMA.
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