Information Regtech
Fintech Co-operation between the HKMA and the Central Bank of the United Arab Emirates--> February 25, 2021
The Hong Kong Monetary Authority (HKMA)

UAE’s Central Bank (CBUAE) and China’s Central Bank ‘s Digital Currency Institute (PBC DCI) announced joining HKMA and Thailand Central Bank (BOT) ‘s digital currency project for cross-border payments named as “m-CBDC Bridge”.

The m-CBDC Bridge project involves:

  • developing a proof-of-concept with distributed ledger technology (DLT)
  • facilitating real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis.
  • exploring use cases in a cross-border context using both domestic and foreign currencies.
  • Inviting more central banks to study DLT as a way to reduce inefficiencies, high cost and complex regulatory compliance in cross-border fund transfers.

#crossBorderTransfer #DistributedLedgerTechnology #HKMA #digitalsettlement #crossBorderSettlement #m-CBDC

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