Recently, China's Industrial Bank (CIB), in collaboration with Huzhou Bank, successfully completed a cross-border remittance for a Huzhou-based foreign trade enterprise via mBridge. This initiative innovated the mBridge cooperation model, effectively extending its service capabilities and enabling enterprises to benefit from lower-cost and highly efficient cross-border payment solutions.
"By accessing mBridge with the help of CIB, we can significantly enhance our cross-border payment and settlement capabilities, thereby better serving enterprises in their efforts to 'go global' and 'bring in said an official from the International Business Department of Huzhou Bank.
Jointly developed by the BIS Innovation Hub (Hong Kong), the Bank of Thailand, the Central Bank of the UAE, the Digital Currency Institute of the People's Bank of China, and the Hong Kong Monetary Authority, mBridge aims to create a cross-border payment solution centered on central bank digital currencies, featuring high efficiency, low cost, high scalability, and compliance with regulatory requirements. By covering different jurisdictions and currencies, mBridge is exploring the application of distributed ledger technology and central bank digital currencies in cross-border payments to enable faster, lower-cost, and more secure cross-border payments and settlements.
As one of the nine domestic participants in the mBridge initiative, CIB aligns with the trends of the digital economy and actively explores how mBridge services can meet the growing commercial and travel demands of Asian economies, enhancing cross-border payment efficiency and reducing transaction costs. Currently, CIB's mBridge services support cross-border transactions in scenarios such as interbank fund transfers, merchandise trade, and service trade.