The UAE's Financial Services Sector: Can Project MBridge Accelerate Digital Transformation?

The Central Bank of the UAE (CBUAE) has successfully launched the Project mBridge Minimum Viable Product platform for early adopters.

The mBridge project is a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlements. The technology can help connect economies and support international trade and cooperation outside the MENA region. The aim of the project is to facilitate efficient, low-cost, and instant cross-border payments settled in central bank money.

The Central Bank of the UAE (CBUAE) anticipates the growing use of the mBridge platform for cross-border payments among the participating jurisdictions. The CBUAE and other banks across Hong Kong, Thailand and China have launched the Minimum Viable Product (MVP) phase of the project.