According to the *Financial Times*, the cross-border digital currency payment platform mBridge, jointly developed by the central banks of China, Hong Kong, Thailand, the UAE, and Saudi Arabia, is nearing the commercial launch phase and plans to establish a Hong Kong entity to oversee operations. Insiders reveal that its cross-border payment fees are about half of those in traditional systems, primarily targeting SMEs and trade scenarios under the "Belt and Road" initiative. Data shows that mBridge has processed approximately 470 billion RMB (around 69 billion USD) in transactions, enabling direct settlement of central bank digital currencies (CBDCs) across countries. It’s seen as one of the alternatives to the SWIFT and USD-dominated cross-border payment systems. https://(wublock123.com)/news/mbridge-china-led-cross-border-digital-currency-payments-hong-kong-entity-62762