A cross-border central bank digital currency (CBDC) platform has the potential to shorten the time of cross-border wholesale payment transfers by 80% and halve costs, a report said.

The “multi-CBDC bridge” project, or simply “mBridge”, which is being co-ordinated by the Bank for International Settlements’ innovation hub in Hong Kong, has concluded its second phase and is set to move on to a third. The central banks of China, Hong Kong, Thailand and the UAE are working with the BIS on the