(31 October 2024 – Hong Kong) Bank of China (Hong Kong) (BOCHK) has successfully completed its first fully automated transactions for both inward and outward cross-border corporate remittances via the mBridge platform.
This integration allows corporate customers to initiate mBridge remittance applications online seamlessly, laying the groundwork for future 24/7 cross-border remittance processing, BOCHK announced in a press release.
BOCHK is the first commercial bank in Hong Kong to connect to mBridge.
Project mBridge explores how central bank digital currencies (CBDCs) and innovative technologies can be utilised to address common challenges in cross-border payments.
The mBridge project team includes the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China (PBOC), the Central Bank of the United Arab Emirates, and the Hong Kong Monetary Authority (HKMA).
BOCHK has synchronised its payment and settlement processes for eligible corporate remittances through the fully automated system, stated Xing Guiwei, BOCHK’s deputy chief executive.
Xing added that BOCHK will continue enhancing its product and service offerings and accelerating the implementation of various use cases to promote the mBridge platform’s scaling.
The bank also stated it will collaborate with other financial institutions to provide a faster cross-border remittance experience for corporate clients.