Macau joins international central bank digital currency platform mBridge

 jn26

AMCM has fully joined the mBridge project to enable cross-border digital currency payments, with 11 local banks authorised to start transactions on Tuesday

The move coincides with advanced infrastructure testing for Macau’s own digital pataca, which aims to enhance local payment efficiency and strengthen the city’s role as a financial hub for Portuguese-speaking countries

 The Monetary Authority of Macao (AMCM) announced on Monday its full membership in the mBridge project, a multilateral central bank digital currency platform designed to enable cross-border payments without relying on the US dollar.

Eleven local banks have already been authorised to participate and can conduct transactions starting Tuesday, AMCM Executive Director Henrietta Lau Hang Kun said during a financial seminar in Macau.

The mBridge project is a multilateral platform for cross-border payments using digital currencies issued by central banks. It was jointly developed by the People’s Bank of China, the central banks and monetary authorities of Hong Kong, Thailand, and the United Arab Emirates, alongside the Bank for International Settlements.

The initiative aims to create an alternative mechanism for international payments, bypassing the US dollar as an intermediary by settling transactions directly between participating jurisdictions using digital currencies in real time.

Lau said the move marks “a new stage for Macau’s integration into the international digital financial system”.

Digital pataca development

The city has been developing its own sovereign digital currency, the digital pataca, which entered a research phase in 2020 with backing from the Chinese central bank.

Development of the core infrastructure for the digital pataca concluded late last year and has now entered initial testing phases.

“We are expanding the application scenarios, including e-government, public transport, and schools, always focusing on security and financial inclusion,” Lau said.

The digital pataca is expected to enhance the efficiency of the local payment architecture, integrate with existing bank transfer channels, and position Macau to offer more competitive financial solutions, according to the regulator.

The AMCM is currently drafting the necessary legal and regulatory frameworks to ensure standardised oversight once the currency enters formal circulation.

Lau added that Macau intends to leverage the project to consolidate its position as a financial bridge between China and Portuguese-speaking countries.

“We want Macau to be not just a traditional bridge, but also an innovative hub for economic and financial cooperation in the digital era between China and Portuguese-speaking countries,” she said.

The development follows broader efforts by Beijing to expand the footprint of the digital yuan, the world’s first official digital currency issued by a major central bank, which is currently undergoing advanced pilot testing across mainland China.

https://macaubusiness.com/macau-joins-international-central-bank-digital-currency-platform-mbridge/


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