As Project mBridge enters its MVP phase, BIS is inviting private sector firms to propose new solutions and use cases to further develop and showcase the platform’s potential.
Project mBridge, a multi-central bank digital currency (multi-CBDC) initiative by the Bank of International Settlements (BIS), seeks private sector participation to further develop its prototype into a minimum viable product (MVP).
Project mBridge was started in 2021 by BIS Innovation Hub in collaboration with the central banks of Thailand and the United Arab Emirates, and Chinese and the Hong Kong authorities. Eventually, the project was joined by the Saudi Central Bank and 26 observing members.
The central and commercial banks experimented with CBDCs to address inefficiencies in cross-border fiat payments, such as high costs, low speed and operational complexities. The end goal is to create a “universally accessible” multi-CBDC infrastructure.