TechFlow News, June 4: According to Beijing Business Daily, the Monetary Authority of Macao announced that Macao has completed system integration with the multi-central bank digital currency (CBDC) bridge project—mBridge—and officially launched local banks’ “on-boarding” transactions on June 2. This move aims to establish an efficient, secure, and low-cost cross-border payment and settlement channel.
mBridge is jointly led by the People’s Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, with coordination and advancement by the BIS Innovation Hub. With Macao’s accession, mBridge’s official membership has increased to six. Reports indicate that Macao is simultaneously advancing sandbox testing for the “Digital Pataca” and is expected to connect with the Cross-Border Interbank Payment and Clearing Co., Ltd. (CBETS) platform.
