mBridge is a multi-national collaborative effort on using the CBDC for cross border transactions.
The central bank of the United Arab Emirates (UAE) conducted its first cross-border digital dirham transfer using the mBridge central bank digital currency (CBDC) platform on Jan. 29.
The first cross-border CBDC transfer was worth 50 million AED ($13.6 million) and was sent to China using the multi-CBDC bridge platform mBridge, reported Gulf news. The chairman of the Board of the Central Bank of the UAE, Sheikh Mansour, conducted the CBDC transfer on the occasion of the golden jubilee celebration of the establishment of the central bank.
Project mBridge was introduced in 2021 by the central monetary authorities of China, Hong Kong, Thailand and the UAE in partnership with the Bank of International Settlement (BIS). It is the only international collaborative partnership that involves China. The project completed its pilot in September 2022 and was commercially launched a year later in September 2023.
