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Home Banking Central

New mBridge project seeks to extend its utilization to diminish settlement time for securities in 2021

The mBridge receives strong political dedication from Hong Kong, China, Thailand, and the UAE central banks

Sakshi K S by Sakshi K S
November 5, 2021
in Central, Technology, The Global Economics, Top Stories
Reading Time: 2 mins read
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New mBridge project seeks to extend its utilization to diminish settlement time for securities in 2021

New mBridge project seeks to extend its utilization to diminish settlement time for securities in 2021

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A multi-nation central bank digital currency plan, dubbed mBridge, involving Hong Kong, mainland China, Thailand, and the UAE is seeking a plethora of options to extend its utilization, inclusive of capital market transactions, which could diminish the settlement time for securities traded betwixt the countries to a few seconds, stated top officials.

The mBridge digital currency portal

The obvious uses for the mBridge multi-nation digital currency portal are being extended to 22 private sector participants, eminent central bank officials from the participating regions stated during the Hong Kong FinTech Week on 4th November 2021 (Thursday).

The plan’s original purpose encompassed fabricating a shared platform to aid in diminishing settlement time and costs linked to cross-border payment transactions. Presently, most currency transactions are established on a ‘T+2’ basis, or 2 days post the trade is accomplished. However, blockchain technology has allowed new real-time settlement by diminishing the middlemen layers that are involved in facilitating the transaction.

The mBridge prototype has accomplished proficiency in traction owing to the strong political dedication from the four central banks, stated Colin Pou, the Executive Director of the Hong Kong Monetary Authority financial infrastructure.

Besides settling capital market transactions, the other applications of mBridge are inclusive of cross-border finance transfers associated with e-commerce, wealth management products, and insurance transactions, according to the Bank of International Settlement Innovation Hub Centre in Hong Kong. The Bank of International Settlement Innovation Hub Centre (Hong Kong) is backing the mBridge project.

The mBridge project is fabricated to focus on the pain points of the traditional bank arrangement, wherein the processing fee for cross-border finance transfers for merchandizing users can reach up to 7% of the transaction value, according to the estimates of the World Bank. With mBridge, that fee can diminish by up to 50%, according to a study revealed by the 4 central banks in September 2021.

Owing to the strong presence of trade between Hong Kong, mainland China, Thailand, and the UAE (approximately amounted to USD 780 billion in 2020), the UAE notices a lot of significance in the project, stated the adviser to the UAE central bank governor, Shu-Pui Li.

The UAE is one of the leading exporters of oil to China, whilst the Arab nation imports finished goods, like food products, from its collaborators.

Via: Short URL
Tags: central bankschinahong kongmBridgethailanduae
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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