China - October 25, 2024

Seminar at Sibos conference highlights mBridge project's role in facilitating cross-border payments

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The seminar "mBridge and Cross-Border Payment Innovations: Opportunities and Challenges" was successfully held at the Sibos 2024 conference, with more than 200 participants in attendance. Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, stated that the rapid development and connectivity of Asian economies have driven the mBridge project from initiation to implementation.

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Zhou Xiaochuan, Vice Chairman, Boao Forum for Asia/Former Governor of the People's Bank of China:

"The fast development of interconnections of the Asian economy is a main factor."

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Lu Lei, Deputy Governor of the People's Bank of China, mentioned that the mBridge project follows the principles of "no harm," compliance, and interoperability, and can serve as a public good to promote the healthy development of the international monetary system.

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Shu Pui Li, Advisor in the Governor's office, Central Bank of the United Arab Emirates:

"It is a cross-border project. Certainly, we face some differences in terms of regulations, laws, policy issues, but so far, we have a common objective. And the common objective is how to facilitate better, more cost-effective, and more secure cross-border transactions."

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Li added that they are working to harmonize these differences while achieving the same objective. This infrastructure will enable instant settlement in central bank money and allow for Payment versus Payment transactions to be conducted.

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Chany Xiong, Executive Director, Cash Products Management, Standard Chartered Bank:

"I think it’s very inspiring that we have the central bank on this panel as well as commercial bank experts, which means we cover the public sector as well as the private sector opinions. It’s actually very crucial for all those opinions to combine together to make it a successful launch and for the benefit of delivering to the final customers."

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During the meeting, discussions also covered how the project could enhance cross-border payment efficiency, reduce transaction costs, and how blockchain technology can ensure transaction security and transparency.

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