Project mBridge aims to revolutionize cross-border transactions by creating a shared platform for central and commercial banks built on blockchain technology.
As Project mBridge enters its MVP phase, BIS is inviting private sector firms to propose new solutions and use cases to further develop and showcase the platform's potential.
Project mBridge was started in 2021 by BIS Innovation Hub in collaboration with the central banks of Thailand and the United Arab Emirates, and Chinese and the Hong Kong authorities. Eventually, the project was joined by the Saudi Central Bank and 26 observing members. “As it enters the MVP stage, Project mBridge is now inviting private sector firms to propose new solutions and use cases that help develop the platform and showcase all its potential.”At the time, Yue said tests have shown mBridge to provide faster, cheaper, more transparent cross-border payments. However, the BIS had no plans to include private sector firms. He said:
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