mBridge Trial platform to test transactions worth $272mln

mBridge Trial platform to test transactions worth $272mln

The UAE Central Bank (CBUAE) has released a communique on the mBridge Trial Platform, which aims to speed up cross-border fund transfers and international trade settlement transfers using central bank digital currencies. The project has now identified, and will start to put through, business test cases based on historical transactions to test the recently developed platform, amounting to AED 1 billion ($272 million), the banks said. The platform is being developed in partnership with the Bank for International Settlements (BIS) Innovation Hub Centre in Hong Kong, the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), and the Digital Currency Institute of the People’s Bank of China (PBoC). The CBUAE said 22 project participants from 11 industries identified 15 possible business test cases to assess the mBridge Trial Platform’s ability to enhance real-world cross-border payments. In the UAE, participating banks were First Abu Dhabi Bank , Emirates NBD , Dubai Islamic Bank , HSBC , and Standard Chartered Bank . International trade settlement was prioritised in the identified business test cases given the high volume of trade between the four jurisdictions, amounting to $ 731 billion, the bank said. Khaled Mohamed Balama, governor of the CBUAE, said: “The mBridge