Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai.
Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, thanks to the collaborative efforts of the HKMA, central banks from China, Thailand, and the United Arab Emirates, along with commercial banks from these nations, and the Bank for International Settlements Innovation Hub.
The next phase for mBridge involves its commercialisation. Yue mentioned:
“We anticipate bringing more central banks onboard our open platform. In the near future, we’ll be rolling out what we term a ‘minimum viable product’, setting the stage for mBridge’s eventual commercial launch.”
Want to learn more about Project mBridge? Check out our recent webinar:
“Project mBridge: Connecting Economies Through CBDCs, Cross-Border Payments, and FX”
