Project mBridge — a cross-border platform for experimenting with central bank digital currencies for international trade — is compatible and inclusive, open for cooperation and integration with any other payment systems, said an expert.
The expert, who sought anonymity, said on Wednesday that Project mBridge can be connected with traditional payment systems, including large-value, small-value and rapid payment systems, as well as existing international payment infrastructures.
“Project mBridge represents a new technological approach. It is inclusive and does not exclude cooperation with anyone,” the expert said.
Project mBridge resulted from collaboration starting in 2021 between the Bank for International Settlements’ innovation arm, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority. The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities while addressing financial inclusion concerns.
The mBridge project reached the minimum viable product stage in June, inviting private sector firms to propose new solutions and use cases that help develop the platform and showcase all its potential. Saudi Central Bank joined mBridge as a participant in the minimum viable product platform in June. Among the participating economies of mBridge, China, the United Arab Emirates and Saudi Arabia are also BRICS members.