Tencent engages in the validation of cross-border-payments use cases as Project mBridge reaches the minimum viable product stage

June 18, 2024 07:00 PM AEST | By Cision

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Tencent engages in the validation of cross-border-payments use cases as Project mBridge reaches the minimum viable product stage — Image source: Kalkine Media

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HONG KONG, June 18, 2024 /PRNewswire/ -- Tencent is participating in the validation of cross-border-payments use cases for Project mBridge at the Minimum Viable Product (MVP) stage. The goal is to facilitate further enhancement to the quality of cross-border clearing and settlement services.

With its fintech capabilities and cross-border use cases, while building upon the efficient and cost-effective feature of mBridge, Tencent continues to deepen its exploration and application of this technology. Tencent's e-CNY project team, jointly operated by Tenpay, Tencent's domestic payment platform, and WeBank, is among the first batch of e-CNY operating organizations. Since September 2023, the team has been actively participating in Project mBridge.

The mBridge project team, which consists of 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), announced earlier that Project mBridge has reached the Minimum Viable Product (MVP) stage.

Project mBridge aims to create a cross-border payment solution that focuses on central bank digital currencies, emphasizing efficiency, cost-effectiveness, scalability, and regulatory compliance. By encompassing various legal jurisdictions and currencies, mBridge seeks to explore the application of distributed ledger technology (DLT) and central bank digital currencies in cross-border payments, to achieve faster, cheaper, and more secure cross-border payment and settlement processes.

"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 the mBridge, showcasing significant advantages in both the efficiency and cost‑effectiveness of cross-border payments," said Royal Chen, Vice President of Tencent Financial Technology.

"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. Capitalizing 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.

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