CBUAE issues communiqué on joint ‘mBridge’ project with partners from BIS

CBUAE issues communiqué on joint ‘mBridge’ project with partners from BIS

ABU DHABI, 9th November, 2021 (WAM) -- The Central Bank of the UAE (CBUAE) has issued a communiqué on its joint "mBridge" project with partners from 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).

Entitled ‘Building a multi CBDC platform for international payments, the communiqué outlines the latest progress of the mBridge project, which seeks to speed up cross-border fund transfers and international trade settlement transfers between participating banks using central bank digital currencies (CBDC).

The project has now identified and will start to put through, business test cases based on historical transactions to test the recently-developed mBridge Trial Platform. In addition, a roadmap for the mBridge project’s target achievements in 2022 has been established, using an iterative and agile process to develop a minimally viable product that could support the full process of international trade settlement and other use cases.

Twenty-two project participants from all four jurisdictions identified fifteen possible business test cases to assess the mBridge Trial Platform’s ability to enhance real-world cross-border payments. The identified business test cases cover transactions across