Select Language:
June 4 – Macau’s BoCom branch became part of the first group of institutions approved by the local Monetary Authority to participate in an innovative cross-border payment project on June 1. Just a day later, on June 2, the branch completed two significant transactions in Macau: it processed an e-MOP (digital Macau Pataca) cross-border remittance for Macao Industrial Limited, and handled a RMB 500 million digital yuan cross-border collection for Far East Horizon Limited. These actual transactions represent a major breakthrough for digital currency applications in Macau.
This project, known as the Multilateral Central Bank Digital Currency Bridge (mBridge), is based on distributed ledger technology and was initiated by multiple central banks. It provides a cross-border payment infrastructure for CBDCs, enabling direct point-to-point clearing links of digital fiat currencies across different regions. The platform significantly decreases the time needed for cross-border settlements and helps cut down on associated transaction fees.
As a leading state-owned bank with deep ties to Macau, early access to the mBridge project allows local clients to enjoy quicker, more cost-effective cross-border funds settlements. Utilizing the bank’s extensive global service network, the branch plans to expand mBridge’s role in cross-border settlements, trade finance, and international capital pooling. It also intends to explore business opportunities between China and Portugal to help establish a secure, efficient, and inclusive digital financial ecosystem. The goal is to further promote economic and trade cooperation between China and Portugal, while supporting Macau’s digital finance industry’s high-quality growth.
ChatGPT
Perplexity
Gemini AI
Grok AI
