ICBC Macau has been named among the first batch of participants in the mBridge project by the Macau Monetary Authority.

In the near future, it will collaborate with China State Construction Engineering (Macau) Company Limited and ICBC Asia to execute a Hong Kong dollar cross-border remittance transaction via the mBridge platform, contributing to the development of Macau's financial infrastructure.

The Multiple Central Bank Digital Currency Bridge (mBridge) project is a "cross-border payment highway" system based on blockchain and distributed ledger technology, designed to achieve interoperability between central bank digital currencies.

By enabling direct on-chain transactions for cross-border payments and settlements using central bank digital currencies, the mBridge project can significantly enhance the speed of fund transfers and reduce cross-border transaction costs compared to traditional payment methods.

In recent years, Industrial and Commercial Bank of China has actively promoted mBridge-related services, achieving positive results in areas such as serving central government-owned enterprise clients and managing cross-border funds for foreign trade companies, earning high recognition from customers.

Following the launch of its mBridge services, ICBC Macau will provide cross-border clients in the Macau region with more efficient and lower-cost cross-border fund settlement services.

This initiative also lays a solid foundation for the broader future application of digital currencies and the promotion of cross-border payment services.