The platform of the Multilateral Central Bank Digital Currency Bridge (m-CBDC Bridge) recently completed the first real transaction pilot test successfully, according to Shenzhen Municipal Bureau of Local Financial Regulation and Supervision.
Enterprises from Shenzhen accounted for one-third of all transactions in the Chinese mainland participating in the pilot test, making it the region with the richest business scenarios and the largest number of transactions in the project.
The m-CBDC Bridge platform was jointly launched by the Bank for International Settlements Innovation Hub in Hong Kong, Hong Kong Monetary Authority, Bank of Thailand, the Central Bank of the United Arab Emirate, and the Digital Currency Research Institute of the People's Bank of China. Based on the platform, 20 commercial banks from the four places have completed more than 160 multi-scenario payment and settlement services, mainly for cross-border trading.
In a typical cross-border transaction scenario involving digital RMB business, participating enterprises from Shenzhen took the lead in making payments, which was fully verified by typical business application scenarios such as import and export trade in the Guangdong-Hong Kong-Macao Greater Bay Area. That provided an authentic and effective basis for promoting the m-CBDC Bridge as an international cross-border payment platform.
Shenzhen Municipal Bureau of Local Financial Regulation and Supervision said that in the future, Shenzhen would fully leverage its role as a cross-border payment center, actively encourage local enterprises to participate in the m-CBDC Bridge project, and better play its positive role as a core driver for the development of the Greater Bay Area.