Internet and technology company Tencent is actively participating in the validation of cross-border payment use cases as Project mBridge reaches its Minimum Viable Product (MVP) stage. This initiative aims to enhance the quality of cross-border clearing and settlement services.
Building on the efficient and cost-effective features of mBridge, Tencent leverages its fintech capabilities and cross-border use cases. Tencent’s e-CNY project team, operated by Tenpay and WeBank, has been involved in Project mBridge since September 2023.
Project mBridge, led by a consortium including the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, the Central Bank of the United Arab Emirates, and the Hong Kong Monetary Authority (HKMA), focuses on creating a cross-border payment solution centered on central bank digital currencies.
The project emphasises efficiency, cost-effectiveness, scalability, and regulatory compliance. It explores the application of distributed ledger technology (DLT) and central bank digital currencies in cross-border payments to achieve faster, cheaper, and more secure processes.
Royal Chen
“As Tencent’s cross-border payment platform, Tenpay Global provides a validation use case based on cross-border e-commerce export trade payment collection for Tencent’s participation in Project mBridge at the MVP stage. This facilitated Tencent’s successful completion of cross-border fund settlements at various nodes of mBridge, showcasing significant advantages in both the efficiency and cost-effectiveness of cross-border payments.”
said Royal Chen, Vice President of Tencent Financial Technology, while commenting on Tencent’s participation in Project mBridge
“Driven by financial technology capabilities and user needs, Tenpay Global will continue to diversify business use cases to facilitate Tencent’s participation in Project mBridge. Capitalising on the highly efficient and cost-effective features of mBridge, this approach aims to further explore the practical implementations of mBridge to address the pain points of cross-border payments.”
he added.
Featured image credit: Edited from Freepik