Based on a blockchain called the mBridge Ledger, the platform is designed to ensure compliance with jurisdiction-specific policy and legal requirements, regulations, and governance needs.
The project focused on developing hypothetical use cases in the Greater Bay Area (GBA) as a way to demonstrate the technology and operational improvements that mBridge can offer.
[3] In September 2021, the Bank for International Settlements (BIS), in collaboration with Thailand, Hong Kong, China, and the UAE, published a report regarding the second phase of the mBridge project, aiming to establish a system involving multiple CBDCs to enable faster, more cost-effective, and efficient methods for conducting cross-border transfers and foreign exchange operations.
[4] The HKMA expressed the intent to collaboratively launch a minimum viable product in 2024, with the effort built on the G20's focus on exploring new technologies to provide more cost-effective and secure real-time cross-border payments and settlements.
[10] The Cedar x Ubin+ project, the flagship venture of the New York Innovation Center (NYIC) in collaboration with the Monetary Authority of Singapore, is a multi-phase technical research initiative that evaluates the potential applications of wholesale CBDCs, built with distributed ledger technology to enhance the efficiency and transparency of cross-border payments.