mBridge

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Cash management - treasury - banking - central bank digital currencies (CBDC) - cross-border remittances - multi-country arrangements.

Project mBridge is an exploration of a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks.

It was initiated in 2021 as a collaboration between China, Thailand and the United Arab Emirates, originally named the "m-CBDC Bridge" project.


Significant potential to improve cross-border payments
"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach...
The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.


The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities.
It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays.


Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement."
Project mBridge reaches minimum viable product stage and invites further international participation - BIS - June 2024.


See also


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