Project mBridge moves closer to broader commercial use amid cross-border digital yuan push
China’s Project mBridge, the multilateral central bank digital currency platform, is moving closer to broader commercial adoption
Progress in Project mBridge, the multilateral central bank digital currency platform, is giving a fresh boost to China’s push to expand cross-border use of the digital yuan as it moves closer to broader commercial adoption.
Among the latest developments, Industrial Bank launched mBridge payment services for cross-border transactions with Macau, with the lender saying it now supports mBridge settlements between the mainland and both Hong Kong and Macau.
Following the launch of its Macau payment services, Industrial Bank also used mBridge to complete a 500 million yuan (US$74.03 million) cross-border fund transfer for an equity acquisition, which it described as expanding the platform’s use to include “larger and more complex cross-border yuan transactions.”
According to the lender, the number of corporate clients using its mBridge services in the first half of the year surged by 176 per cent from a year earlier.
The bank’s expansion is among a string of recent developments bringing mBridge into broader practical use.