Project mBridge: Connecting Economies Through CBDCs, Cross-Border Payments, and FX

Building on the G20’s priority to experiment with the use of new technologies to deliver real-time, cheaper and safer cross-border payments and settlements, the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the United Arab Emirates completed Project mBridge, the first ever Central Bank Digital Currency (CBDC) pilot involving four jurisdictions and real-value transactions.

Project mBridge experiments with cross-border payments using a custom-built platform based on distributed ledger technology upon which multiple central banks can issue and exchange CBDCs. The mBridge Ledger offers a new architecture which fundamentally changes how FX transactions take place.

The project was groundbreaking in its use of real money between the participating central banks – something never done before at this scale. Twenty participating commercial banks used the platform to settle payments for corporate customers, focusing on cross-border trade. Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totaling more than $22 million in value.

In this webinar, we speak to experts involved in mBridge to explore what’s next and how this new innovation can be harnessed. How does the FX community view this and how could it address the day-to-day challenges the industry is facing? What might the findings of mBridge mean for London as an FX hub? And what might an expanded mBridge look like if a digital Pound or digital Euro were to join it? Join us to find out more about this ground breaking project.

PARTICIPANTS

Jannah Patchay, Policy Lead, Digital Pound Foundation (Moderator)
Daniel Eidan, Advisor & Solution Architect, BIS Innovation Hub
Ousmène Jacques Mandeng, Senior Advisor Blockchain and Multiparty Systems, Accenture
Nalin Lad, Metaverse Continuum Business Group - Digital Currency, Accenture

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