According to Odaily, the Hong Kong Monetary Authority (HKMA) has announced that the mBridge project, a key initiative in the HKMA's 'Fintech 2025' strategy, has successfully completed a six-week trial period. The project was jointly initiated by the HKMA, the Hong Kong Centre under the Innovation Hub of the Bank for International Settlements (BIS), the Central Bank of Thailand, the Digital Currency Research Institute of the People's Bank of China, and the Central Bank of the United Arab Emirates.
During the trial period, commercial banks from these four regions conducted over 160 payments and foreign exchange transactions using the mBridge platform prototype, with a total amount exceeding 171 million Hong Kong dollars. The mBridge project is part of the HKMA's efforts to leverage financial technology to enhance the efficiency and security of financial transactions. The successful trial signifies a significant step forward in the application of digital currency and blockchain technology in the financial sector.