Hong Kong Monetary Authority’s Project mBridge Achieves MVP Milestone

Project
mBridge
Reaches
Crucial
MVP
Stage

The
Hong
Kong
Monetary
Authority
(HKMA)
alongside
the
mBridge
project
team
has
announced
the
achievement
of
the
Minimum
Viable
Product
(MVP)
stage
for
Project
mBridge.
This
initiative
aims
to
explore
the
application
of
central
bank
digital
currencies
(CBDCs)
to
alleviate
issues
in
cross-border
payments,
according
to
the

Hong
Kong
Monetary
Authority.

Focus
on
Cross-Border
Payments

Project
mBridge
leverages
insights
from
its
2022
pilot
to
further
develop
the
prototype
platform.
Enhancements
span
technology,
legal,
and
governance
areas,
with
validation
nodes
deployed
by
the
founding
central
banking
institutions
in
their
respective
jurisdictions.
Additionally,
the
BIS
Innovation
Hub
has
formulated
a
fit-for-purpose
governance
framework
and
a
comprehensive
legal
framework
to
match
the
platform’s
decentralized
nature.
Participating
commercial
banks
have
already
conducted
real-value
transactions
on
the
MVP
platform
in
preparation
for
its
release.

Expanding
Participation

As
the
project
progresses,
the
platform
will
undergo
further
enhancements,
and
participation
from
both
public
and
private
sectors
will
be
broadened.
Notably,
the
Saudi
Central
Bank
has
joined
as
the
next
full
participant
in
the
mBridge
MVP
platform.
The
platform’s
high
compatibility
allows
it
to
serve
as
a
testbed
for
add-on
technology
solutions,
new
use
cases,
and
interoperability
with
other
platforms.
Private
sector
firms
are
invited
to
propose
solutions
and
use
cases
through
the
participation
form
provided
by
the
BIS
Innovation
Hub.

Statements
from
HKMA
Leadership

Mr.
Eddie
Yue,
Chief
Executive
of
the
HKMA,
emphasized
the
significance
of
the
collaborative
efforts
between
the
central
banking
community
and
the
private
sector
in
advancing
the
cross-border
payment
landscape.
He
stated,
“The
HKMA
is
very
pleased
to
be
an
active
member
of
this
most
advanced
multi-CBDC
exploration
of
the
BIS
Innovation
Hub
and
to
have
contributed
to
the
progression
of
mBridge
to
the
MVP
stage.
We
cordially
invite
other
central
banks
peers
to
join
us
on
this
mBridge
journey,
whether
as
users
to
experience
the
benefits
of
the
platform
firsthand,
or
as
co-developers
to
enhance
cross-border
payments
together.”

Future
Prospects

The
mBridge
MVP
platform
is
poised
to
continue
evolving,
with
the
potential
to
integrate
new
technology
solutions
and
use
cases,
ensuring
its
relevance
and
efficiency
in
cross-border
payments.
More
information
about
Project
mBridge
can
be
found
on
the

BIS
website.

Image
source:
Shutterstock

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