The Bank for International Settlements (BIS) Innovation Hub published an update on its mBridge multiple central bank digital currency (multi-CBDC) common platform for wholesale cross-border payments. Project mBridge supports real-time, peer-to-peer, cross-border payments and foreign exchange transactions using wholesale CBDCs, focusing on the use case of international trade. In 2022, a pilot involving real corporate transactions was conducted on the platform among participating central banks, selected commercial banks and their corporate customers in four jurisdictions. A minimum viable project (MVP) will be launched in the middle of next year. The project is a collaborative effort of the BIS Innovation Hub, four founding central banks and over 25 observing members. [Read more at the BIS]
The Financial Services Agency of Japan, the Swiss Financial Market Supervisory Authority and the United Kingdom’s Financial Conduct Authority are joining the Monetary Authority of Singapore’s (MAS’s) Project Guardian. The initiative explores digital assets and tokenization using public blockchain with financial institutions and the BIS Innovation Hub. The current focus is on fixed income, foreign exchange (FX) and asset management. [Read more at the MAS]
The MAS will conduct a proof of concept (POC) for an interoperable Singapore Quick Response Code Scheme (SGQR+) in November 2023. It will explore the feasibility of enabling merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution. SGQR+ will be rolled out with 23 payment schemes , across more than 1,000 merchant acceptance points at the Singapore FinTech Festival and in the Changi district. [Read more at the MAS]
The Banco de España published the results of a survey that revealed the low preference that a potential digital euro would have compared to other payment alternatives. 65% of the Spanish population using cash daily. Credit and debit cards follow while payment apps and electronic payments are marginally used but growing in use. Only 20% of those surveyed had heard about a possible digital euro, and 65% said they would not use the digital euro as they feel comfortable with today’s available payment methods. [Read more at the Banco de España]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Kiffmeister’s central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at firstname.lastname@example.org
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