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The End of SWIFT’s Monopoly? China Tees up Commercial Launch of Rival Digital Network
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Mbridge, now under Chinese leadership, would be preparing a commercial rollout with a Hong Kong-based entity to promote the blockchain-based digital yuan as a cheaper and easier alternative to SWIFT.
Key facts
- The system, which has been in development since 2021, had the participation of China, Hong Kong, Thailand, the United Arab Emirates, Saudi Arabia, and the Bank for International Settlements (BIS)
- The move comes after the Chinese yuan has been experiencing a revival in international markets, as reports have linked its use to payments tied to the Gulf war by using the more common Cross-Border
- Wang Jian, chief financial sector analyst at Guosen Securities, told FT that Mbridge’s adoption would speed up cash turnover and reduce the risk of liquidity strains
- The People's Bank of China emphasized the Mbridge platform’s role in improving cross-border payments through the use of central bank…
Summary
China prepares a commercial Mbridge rollout to challenge SWIFT, after processing 470B yuan in volume. Sheikh Mansour sent 50M digital dirhams via Mbridge in 2024, showing the readiness of the system. Wang Jian stated Mbridge will next boost the renminbi’s global voice, easing liquidity strain risks. China is taking major steps to increase the adoption of the Chinese yuan and its digital counterpart, the digital yuan, on the international stage.