mBridge Reaches Minimum Viable Product Stage and Adds Saudi Arabia

Project mBridge reached its minimum viable product stage on 5 June 2024, and the Saudi Central Bank joined as a full participant. The project brought together monetary authorities from mainland China, Hong Kong, Thailand and the United Arab Emirates with the BIS Innovation Hub. Reporting by the South China Morning Post described a platform for testing cross-border payments and further use cases. State-issued digital money was moving from an initial pilot towards a platform more institutions could use.