China's mBridge builds a new channel for cross-border settlement
mBridge News Updates From China
Translated from Chinese
h/t @EFBullion
Recently, multilateral central bank digital currencies mBridge (hereinafter referred to as "Currency Bridge") project business in ICBC Zhejiang Xiaoshan Branch was the first to implement the application, achieving a breakthrough in the bank's cross-border transactions in currency bridges.
It is reported that the currency bridge project is sponsored by the Bank for International Settlements.The Hong Kong Innovation Center, the Bank of Thailand (Central Bank of Thailand), the Central Bank the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority jointly built the digital currency of the central bank to explore the application of central bank digital currency in cross-border payments.The project is committed to creating a cross-border payment solution with high efficiency, low cost, high scalability and regulatory compliance, with central bank digital currency as the core , to achieve faster, lower cost and safer cross-border payment and settlement.
Industrial and Commercial Bank of China Zhejiang Xiaoshan Branch continues to strengthen the head office's "domestic preferred bank for foreign exchange" strategy, and promptly investigates matching conditions, finds suitable enterprises, traces remittance data, and promptly follows up on promotion. During the investigation, the staff found that a certain enterprise had a business need to distribute profits to its Hong Kong shareholders and that the enterprise's counterparties and currencies fully met the scope of the digital currency bridge remittance route. Under the coordinated coordination of the bank's operation management department and business processing center, the first attempt in the provincial system was successfully completed, helping foreign-funded enterprises solve the problems of high cost, low efficiency and low transparency in cross-border payments.
Source: Chao News Editor in charge
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mBridge MVP phase launched, six major banks deeply involved
On June 5, the multilateral central bank digital currency bridge (mBridge, hereinafter referred to as "currency bridge") project jointly built by the Bank for International Settlements (Hong Kong) Innovation Center, the Bank of Thailand (Central Bank of Thailand), the Central Bank of the United Arab Emirates, the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority announced that it has entered the minimum viable product (MVP) stage. Currency bridge participating institutions in the above jurisdictions can conduct real transactions in an orderly manner according to the corresponding procedures based on actual conditions.
In the next step, the bank will always bear in mind its original intention of providing finance for the people, stick to its mission of serving entities, focus on the transmission and implementation of policies related to cross-border business, promote various policies to benefit more market entities, and contribute financial strength to promoting high-quality development of foreign-related economy within its jurisdiction.
It is understood that the Currency Bridge project is committed to creating a high-efficiency, low-cost, highly scalable and regulatory-compliant cross-border payment solution with the central bank's digital currency as the core. By covering different jurisdictions and currencies, it explores the application of distributed ledger technology and central bank digital currency in cross-border payments, and achieves faster, lower-cost and safer cross-border payment settlements.