# MBridge

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Banking platform

**mBridge** (a.k.a. **Multiple CBDC Bridge**) is a multiple [central bank digital currency](/source/Central_bank_digital_currency) platform developed to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions using [CBDCs](/source/Central_bank_digital_currency). Based on a [blockchain](/source/Blockchain) called the *mBridge Ledger*, the platform is designed to ensure compliance with jurisdiction-specific policy and legal requirements, regulations, and governance needs.[1]

Currently five entities are jointly developing mBridge. They include the [Hong Kong Monetary Authority](/source/Hong_Kong_Monetary_Authority), the [Bank of Thailand](/source/Bank_of_Thailand), the [Central Bank of the United Arab Emirates](/source/Central_Bank_of_the_United_Arab_Emirates), the Digital Currency Research Institute of the [People's Bank of China](/source/People's_Bank_of_China), and the [BIS Innovation Hub](/source/Bank_for_International_Settlements) Hong Kong Centre.[1] The [Saudi Central Bank](/source/Saudi_Central_Bank) joined in June 2024.[2]

## Development

A pilot involving real corporate transactions was conducted on the platform among participating central banks, selected commercial banks, and their customers in four jurisdictions. The project focused on developing hypothetical use cases in the [Greater Bay Area](/source/Guangdong%E2%80%93Hong_Kong%E2%80%93Macao_Greater_Bay_Area) as a way to demonstrate the technology and operational improvements that mBridge can offer.[3]

In September 2021, the [Bank for International Settlements](/source/Bank_for_International_Settlements), in collaboration with [Thailand](/source/Thailand), [Hong Kong](/source/Hong_Kong), [China](/source/China), and the [UAE](/source/United_Arab_Emirates), 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](/source/G20)'s focus on exploring new technologies to provide more cost-effective and secure real-time cross-border payments and settlements.[5]

In October 2024, BIS was reported to be considering shutting down the pilot mBridge platform, as the [16th BRICS summit](/source/16th_BRICS_summit) had discussed the creation of a BRICS Bridge, based on the mBridge technology. Such a system would allow [BRICS](/source/BRICS) countries to become partly independent of the US-supervised financial system and restrictions to [SWIFT](/source/SWIFT), which is subject to US pressure, and thus partly evade the US financial sanctions system.[6][7][8] Chinese regulators have since directed banks to use mBridge and it has been used by firms operating in [Xinjiang](/source/Xinjiang) to avoid [U.S. sanctions](/source/United_States_sanctions_against_China) related to the [persecution of Uyghurs in China](/source/Persecution_of_Uyghurs_in_China).[9]

## Related projects

Alongside mBridge, there are also other ongoing projects aiming to improve cross-border transactions with CBDC's.[5]

### Project Aurum

A full-stack (front-end and back-end) CBDC system comprising a wholesale interbank system and a retail e-wallet system, bringing to life intermediated CBDC and stablecoins backed by CBDC in the interbank system.[10]

Collaborators: BIS, [Hong Kong Monetary Authority](/source/Hong_Kong_Monetary_Authority), [Hong Kong Applied Science and Technology Research Institute](/source/Hong_Kong_Applied_Science_and_Technology_Research_Institute)

### Dunbar

On 22 March 2022, the [BIS Innovation Hub](/source/Bank_for_International_Settlements), the [Reserve Bank of Australia](/source/Reserve_Bank_of_Australia), [Bank Negara Malaysia](/source/Central_Bank_of_Malaysia), the [Monetary Authority of Singapore](/source/Monetary_Authority_of_Singapore), and the [South African Reserve Bank](/source/South_African_Reserve_Bank) announced the completion of prototypes for a shared Dunbar platform, enabling international settlements using multiple CBDCs.[11]

### Cedar x Ubin+

The Cedar x Ubin+ project, the flagship venture of the New York Innovation Center 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.[12][13]

### Mariana

In October 2023, the Bank for International Settlements, in partnership with the central banks of [France](/source/France), [Singapore](/source/Singapore), and [Switzerland](/source/Switzerland), confirmed the successful completion of the Mariana project, which explored cross-border trading and settlement of wholesale CBDCs among financial institutions while integrating decentralized finance technology on a public blockchain.[14]

### Icebreaker

In March 2023, the [Bank for International Settlements](/source/Bank_for_International_Settlements), in collaboration with the central banks of [Israel](/source/Israel), [Norway](/source/Norway), and [Sweden](/source/Sweden), completed the Icebreaker project, which examined the technical feasibility of using retail CBDCs in international payments.[15]

### Jura

In November 2021, the consortium responsible for Jura project, comprising the Bank for International Settlements, [Banque de France](/source/Bank_of_France), [Swiss National Bank](/source/Swiss_National_Bank), and various private firms, explored the direct transfer of [Euro](/source/Euro) and [Swiss franc](/source/Swiss_franc) wholesale CBDCs between French and Swiss commercial banks on a single [distributed ledger](/source/Distributed_ledger) platform. The group officially confirmed the experiment's success in a report released on December 8, 2021.[16][17]

## See also

- [BRICS PAY](/source/BRICS_PAY)

- [History of central bank digital currencies by country](/source/History_of_central_bank_digital_currencies_by_country)

- [New Development Bank](/source/New_Development_Bank)

## References

1. ^ [***a***](#cite_ref-projectM-261022_1-0) [***b***](#cite_ref-projectM-261022_1-1) ["Project mBridge: Connecting economies through CBDC"](https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm). *Bank for International Settlements*. 2022-10-26. Retrieved 2022-12-12.{{[cite web](https://en.wikipedia.org/wiki/Template:Cite_web)}}: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service))

1. **[^](#cite_ref-reuters-20240605_2-0)** Jones, Marc (5 June 2024). ["Saudi Arabia joins BIS- and China-led central bank digital currency project"](https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/). Reuters. Retrieved 29 October 2024.

1. **[^](#cite_ref-3)** ["Cross-boundary Payment and Settlement Systems in the Greater Bay Area"](https://www.aof.org.hk/docs/default-source/hkimr/applied-research-report/gbarep.pdf) (PDF).

1. **[^](#cite_ref-4)** ["Crossborder CBDC projects"](https://www.atlanticcouncil.org/cbdctracker/). [Archived](https://web.archive.org/web/20220604222154/https://www.atlanticcouncil.org/cbdctracker/) from the original on 2022-06-04. Retrieved 2023-10-12.

1. ^ [***a***](#cite_ref-BLB090823_5-0) [***b***](#cite_ref-BLB090823_5-1) ["China Sprints Ahead in Race to Modernize Global Money Flows"](https://www.bloomberg.com/news/articles/2023-08-09/china-s-digital-yuan-mbridge-plan-challenges-7-trillion-dollar-dominance). *Bloomberg.com*. 2023-08-09. [Archived](https://web.archive.org/web/20230809150219/https://www.bloomberg.com/news/articles/2023-08-09/china-s-digital-yuan-mbridge-plan-challenges-7-trillion-dollar-dominance) from the original on 2023-08-09. Retrieved 2023-10-11.

1. **[^](#cite_ref-swissinfo-20241029_6-0)** ["BIS Debates Ending Project Eyed by Putin to Undermine Dollar"](https://www.swissinfo.ch/eng/bis-debates-ending-project-eyed-by-putin-to-undermine-dollar/87865410). *swissinfo.ch*. Reuters. 29 October 2024. Retrieved 29 October 2024.

1. **[^](#cite_ref-rusi-20240909_7-0)** Lubin, David (9 September 2024). ["BRICS+ economies unite to target the dollar"](https://www.chathamhouse.org/publications/the-world-today/2024-09/brics-economies-unite-target-dollar). *Chatham House*. Royal United Services Institute. Retrieved 29 October 2024.

1. **[^](#cite_ref-rs-20240602_8-0)** Corbin, Michael (2 June 2024). ["BRICS and de-dollarization, how far can it go?"](https://responsiblestatecraft.org/dedollarization-china-russia/). *Responsible Statecraft*. [Archived](https://web.archive.org/web/20241108220111/https://responsiblestatecraft.org/dedollarization-china-russia/) from the original on 8 November 2024. Retrieved 29 October 2024.

1. **[^](#cite_ref-9)** ["China is ditching the dollar, fast"](https://www.economist.com/china/2025/09/10/china-is-ditching-the-dollar-fast). *[The Economist](/source/The_Economist)*. September 10, 2025. [ISSN](/source/ISSN_(identifier)) [0013-0613](https://search.worldcat.org/issn/0013-0613). Retrieved 2025-09-14.{{[cite news](https://en.wikipedia.org/wiki/Template:Cite_news)}}: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service))

1. **[^](#cite_ref-10)** ["Aurum: a two-tier retail CBDC system"](https://www.bis.org/about/bisih/topics/cbdc/rcbdc.htm). *Bank for International Settlements*. 2021-03-18. [Archived](https://web.archive.org/web/20240524082234/https://www.bis.org/about/bisih/topics/cbdc/rcbdc.htm) from the original on 2024-05-24. Retrieved 2024-05-24.

1. **[^](#cite_ref-11)** ["BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlements"](https://www.bnm.gov.my/-/project-dunbar-update1). *www.bnm.gov.my*. [Archived](https://web.archive.org/web/20231017124404/https://www.bnm.gov.my/-/project-dunbar-update1) from the original on 2023-10-17. Retrieved 2023-10-11.

1. **[^](#cite_ref-12)** ["Project Cedar: Improving Cross-Border Payments With Distributed Ledger Technology"](https://www.newyorkfed.org/aboutthefed/nyic/project-cedar). *www.newyorkfed.org*. Retrieved 2023-10-11.

1. **[^](#cite_ref-13)** ["Project Cedar Phase II x Ubin+"](https://www.newyorkfed.org/medialibrary/media/nyic/project-cedar-phase-two-ubin-report.pdf) (PDF). [Archived](https://web.archive.org/web/20230823100338/https://www.newyorkfed.org/medialibrary/media/nyic/project-cedar-phase-two-ubin-report.pdf) (PDF) from the original on 2023-08-23. Retrieved 2023-10-11.

1. **[^](#cite_ref-14)** www.ETBFSI.com. ["Cross-border CBDC trading: BIS and central banks successfully conclude Project Mariana test - ET BFSI"](https://bfsi.economictimes.indiatimes.com/news/financial-services/cross-border-cbdc-trading-bis-and-central-banks-successfully-conclude-project-mariana-test/104118865). *ETBFSI.com*. [Archived](https://web.archive.org/web/20240223155858/https://bfsi.economictimes.indiatimes.com/news/financial-services/cross-border-cbdc-trading-bis-and-central-banks-successfully-conclude-project-mariana-test/104118865) from the original on 2024-02-23. Retrieved 2023-10-11.

1. **[^](#cite_ref-15)** ["Project Icebreaker concludes experiment for a new architecture for cross-border retail CBDCs"](https://www.bis.org/about/bisih/topics/cbdc/icebreaker.htm). *Bank for International Settlements*. 2023-03-06. [Archived](https://web.archive.org/web/20231001220551/https://www.bis.org/about/bisih/topics/cbdc/icebreaker.htm) from the original on 2023-10-01. Retrieved 2023-10-11.

1. **[^](#cite_ref-16)** ["Project Jura: cross-border settlement using wholesale CBDC"](https://www.bis.org/about/bisih/topics/cbdc/jura.htm). *Bank for International Settlements*. 2021-12-08. [Archived](https://web.archive.org/web/20231017123654/https://www.bis.org/about/bisih/topics/cbdc/jura.htm) from the original on 2023-10-17. Retrieved 2023-10-11.

1. **[^](#cite_ref-17)** ["Project Jura executes 'real-life' cross-border CBDC settlement - Central Banking"](https://www.centralbanking.com/fintech/cbdc/7905951/project-jura-executes-real-life-cross-border-cbdc-settlement). *www.centralbanking.com*. 2021-12-08. [Archived](https://web.archive.org/web/20231017124215/https://www.centralbanking.com/fintech/cbdc/7905951/project-jura-executes-real-life-cross-border-cbdc-settlement) from the original on 2023-10-17. Retrieved 2023-10-11.

## External links

- [BIS update 11 November 2024 .htm](https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm)

- [BIS connecting economies project mBridge October 2022](https://www.bis.org/publ/othp59.pdf)

- [BIS mBridge brochure October 2023](https://www.bis.org/innovation_hub/projects/mbridge_brochure_2311.pdf)

- [BIS Q4 2021 mBridge Trial Platform](https://www.bis.org/publ/brochure_mbridge.pdf)

v t e Central bank digital currency (CBDC) Africa E-Cedi (Ghana) eNaira (Nigeria) Asia Digital renminbi (China) Digital rupee (India) Digital lira (Turkey)1 Digital dirham (UAE) Europe Digital euro (Eurozone) Digital pound (United Kingdom) Digital ruble (Russia)1 South America Drex (Brazil) Atlantic Ocean Sand Dollar (Bahamas) Jam-Dex (Jamaica) DCash (Eastern Caribbean) International mBridge 1 Spans the conventional boundary between Asia and Europe.

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Adapted from the Wikipedia article [MBridge](https://en.wikipedia.org/wiki/MBridge) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/MBridge?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.