Hong Kong Monetary Authority Yu Weiwen: Hope more central banks will join mBridge cross-border payments.

Hong Kong Financial Authority Chairman Yu Weiwen told Hong Kong Fintech Week 2021 that Business Information Communications has completed a pilot and banking strategy. Study participants approved more than 550 loans, including HK $ 900 million. , 8 banks and data centers are expected to join, and Daesang is expected to be established by the end of next year.

He pointed out that there is an interconnection of business information links and the continuation of “multiple cross-border financial institutions” (mBridge) that can support cross-border financial transactions and payments. Approve a loan, not a mortgage. It is provided as a flat fee only, and the following customers can pay worldwide through mBridge.

Yu Weiwen believes that cross-border payments to merchants face various challenges, including exchange difficulties, and hopes more central banks will join the mBridge experience. Try to work in the future, so that the plans can be widely used in Industry.

He said more than 30 banks, the Hong Kong Stock Exchange and four intermediary banks were involved in the mBridge project.