mBridge, a collaborative effort involving multiple countries, facilitated a cross-border Central Bank Digital Currency (CBDC) transaction.
On January 29, the United Arab Emirates (UAE) central bank executed the first cross-border digital dirham transfer using the mBridge CBDC platform.
This transfer of 50 million AED ($13.6 million) was sent to China via mBridge, a multi-CBDC bridge platform, with Sheikh Mansour, the chairman of the UAE Central Bank's Board, initiating the transaction.
mBridge, launched in 2021, is a joint project between the central monetary authorities of China, Hong Kong, Thailand, and the UAE, in collaboration with the Bank for International Settlements (BIS).
After a successful pilot in September 2022, the project was commercially launched in September 2023, representing a significant international partnership involving China in the CBDC space.