TechFlow, the Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Centre of the BIS Innovation Hub, the Bank of Thailand, the People's Bank of China Digital Currency Research Institute, and the Central Bank of the United Arab Emirates, has released a report titled "Project mBridge: Connecting economies through CBDC," outlining the findings and outcomes from the pilot phase of Project mBridge.
The project advanced from the experimental phase to the pilot phase in the third quarter of this year. The six-week pilot was the largest cross-border central bank digital currency (CBDC) trial to date, involving 20 banks from four jurisdictions conducting over 160 payment and foreign exchange transactions on the mBridge platform, amounting to more than HK$171 million. Project mBridge is also one of the first initiatives to enable real settlement using multiple CBDCs for enterprise cross-border transactions.
Looking ahead, the HKMA and other project participants will continue working together to develop the mBridge platform into a "minimum viable product" to eventually achieve full operational status.Original link
