Techub News reported that according to Radio Hong Kong, the Hong Kong Monetary Authority announced that the mBridge project has entered the minimum viable product (MVP) stage. The project team will continue to optimize the platform in all aspects and further expand the participation of public and private institutions.

The mBridge project aims to study how to apply central bank digital currency and innovative solutions to solve the current pain points of cross-border payments. As of June, 5 Hong Kong commercial banks have accessed the mBridge platform to participate in the MVP stage, including Bank of China (Hong Kong), Bank of Communications (Hong Kong Branch), ICBC (Asia), Standard Chartered (Hong Kong), and HSBC. The authorities expect that more banks will access the platform in the future.