New BIS Innovation Hub Report ‘Inthanon-LionRock to mBridge’ Goes Live

New BIS Innovation Hub Report ‘Inthanon-LionRock to mBridge’ Goes Live

A new report by BIS Innovation Hub titled ‘Inthanon-LionRock to mBridge’ , looks at the results of Phase 2 of the project, and looks ahead to the next challenge and what must be overcome: With the signing by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) of a joint memorandum of understanding (MOU) in May 2019, Project Inthanon-LionRock embarked on the first common platform for multiple CBDC settlement, corresponding to a BIS Model 3 arrangement based on a single multi-currency system. Phase 2 began with the BOT and HKMA agreeing to proceed further with joint applied technology research and cross-border fund transfer trials, in collaboration with participating banks and other relevant parties. With the joining of the BIS Innovation Hub (BISIH) Hong Kong Centre, the Digital Currency Institute (DCI) of the People’s Bank of China (PBC) and the Central Bank of the United Arab Emirates (CBUAE) in February 2021, the project evolved into Phase 3 and to this effect was renamed as the mCBDC Bridge project or, in short, mBridge. Upon completion of Phase 1, the BOT and HKMA agreed to proceed further with joint applied technology research and cross-border fund transfer trials, in collaboration with