Local banks complete 23 cross-border transactions on first day of mBridge participation

After joining mBridge, the Multilateral Central Bank Digital Currency (CBDC) Bridge, local banks completed 23 cross-border transactions on the first day, according to the Monetary Authority of Macao (AMCM).

AMCM said the transactions, conducted on June 3, were carried out by three of the 11 banks initially approved to operate on the platform.

The CBDC system supports both commercial settlements and international remittances and is considered “a crucial step for Macau in the field of cross-border applications of central bank digital currencies.”

Following AMCM’s launch of mBridge transactions, Bank of China (Macau), Industrial and Commercial Bank of China (Macau), and Bank of Communications Macau Branch carried out multiple transactions through the platform.

The transactions involved China, Hong Kong, and the United Arab Emirates, with a total value equivalent to nearly MOP13 billion.

AMCM also noted that the system operated stably on its first day and that the other eight participating banks are advancing their preparations and are expected to complete implementation soon.

mBridge is a cross-border financial infrastructure based on central bank digital currencies and distributed ledger technology. The platform enables real-time, peer-to-peer settlement and clearing among participating commercial banks, creating a more efficient, secure, transparent and inclusive cross-border payments ecosystem.

Through the platform, banks can offer corporate clients convenient and efficient cross-border settlement solutions in multiple currencies, creating new opportunities for faster, more reliable and lower-cost international payments and trade transactions.

In the same statement, AMCM said it will continue exploring ways to connect the “Digital Pataca” infrastructure with central bank digital currencies from other countries and regions, as well as with other international financial infrastructures.

The initiative aims to expand Macau’s international cooperation network and strengthen the role of the Financial Services Platform between China and Portuguese-speaking countries.