Bank of China Ningbo Branch Completes First Multilateral CBDC Bridge Transaction, Driving New Breakthrough in Cross-border Payments

Bank of China Ningbo Branch Completes First Multilateral CBDC Bridge Transaction, Driving New Breakthrough in Cross-border PaymentsRecently, Bank of China Ningbo Branch (hereinafter referred to as "BOC Ningbo Branch") successfully completed a digital yuan cross-border payment transaction for a foreign trade company, marking the first multilateral central bank digital currency bridge (hereinafter referred to as "currency bridge") transaction in the Ningbo region. This further expands cross-border payment channels for foreign trade companies in the Ningbo area

Bank of China Ningbo Branch Completes First Multilateral CBDC Bridge Transaction, Driving New Breakthrough in Cross-border Payments

Recently, Bank of China Ningbo Branch (hereinafter referred to as "BOC Ningbo Branch") successfully completed a digital yuan cross-border payment transaction for a foreign trade company, marking the first multilateral central bank digital currency bridge (hereinafter referred to as "currency bridge") transaction in the Ningbo region. This further expands cross-border payment channels for foreign trade companies in the Ningbo area.

The Currency Bridge project is a cross-border payment platform initiated by the Hong Kong Innovation Hub of the Bank for International Settlements, jointly launched by the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the UAE and the Digital Currency Research Institute of the People's Bank of China. It aims to create a high-efficiency, low-cost, highly scalable and regulatory-compliant cross-border payment solution based on central bank digital currencies. The project leverages digital currency and blockchain technology to explore the application of distributed ledger technology and central bank digital currency in cross-border payments, covering different jurisdictions and currencies, ultimately achieving faster, lower-cost and more secure cross-border payments and settlements.

On June 5th this year, the People's Bank of China announced that the Currency Bridge had officially entered the Minimum Viable Product (MVP) stage. BOC Ningbo Branch actively responded to the call of the policy, proactively explored the application of the Currency Bridge, introduced the characteristics and advantages of the Currency Bridge service to customers in detail, and finally successfully completed the first Currency Bridge transaction in the Ningbo region with the strong support of the head office.

The successful completion of this transaction marks a new breakthrough for BOC Ningbo Branch in the field of cross-border financial services. The bank will use this as an opportunity to continuously leverage its cross-border financial service advantages, actively explore application scenarios for the Currency Bridge, promote the orderly development of the business, and provide customers with more convenient, secure and efficient cross-border digital yuan services. In the future, BOC Ningbo Branch will continue to work closely with relevant institutions to explore the diverse application of central bank digital currency in cross-border payments and contribute to the development of the digital economy.