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Project mBridge: Testing Cross-Border Payments with CBDCs

Digital moneyBy: S. Mohsen Shahmoradi2 min readSource: BIS
Project mBridge: Testing Cross-Border Payments with CBDCs

1Introduction

Project mBridge is a multi-CBDC platform aimed at making cross-border payments faster, cheaper and simpler. The central banks of China, Hong Kong, Thailand and the UAE were core members, and the Saudi central bank joined in 2024.

2Discussion

The idea is that commercial banks in different jurisdictions settle directly and instantly in central bank money on a shared ledger, instead of routing through long correspondent banking chains.

3Conclusion

The project reached minimum viable product stage in 2024, after which the BIS announced it would step back and hand the project over to the participating central banks.

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Sources

  1. BIS Innovation Hub — Project mBridge ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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