Tencent is one of nine institutions that has participated on the Chinese side of the mBridge cross border central bank digital currency (CBDC) solution that recently launched a minimum viable product (MVP). Tencent owns WeChat Pay, China’s largest mobile payment app with 1.1 billion monthly active users.
mBridge leverages wholesale CBDCs from the central banks of China, Hong Kong, Thailand and the UAE, with Saudi Arabia joining earlier this month. The BIS Innovation Hub coordinates the project and aims to enable cheaper, faster cross border payments.
In Tencent’s case, its cross border payments arm Tenpay Global is the mBridge participant. It tested a use case involving receiving trade payments for e-commerce exports.
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