1. PixelPlaygroundHome
  2. Web3 News

Blockchain as a Relevant Technology in the Greater Bay Area Cross Border Payment and Settlement System

• Web3 News • 159 views

Blockchain as a Relevant Technology in the Greater Bay Area Cross Border Payment and Settlement System

According to reports, according to a press release from the Hong Kong Special Administrative Region government, the Hong Kong Monetary and Financial Research Center, which is responsible for research work under the School of Finance of the Hong Kong Monetary Authority, has released a financial research report titled “The Greater Bay Area Cross Border Payment and Settlement System: Current Practices and Latest Developments.”. According to the report, as the underlying technology of digital currency, 59% of respondents believe that blockchain is a relevant or highly relevant technology to strengthen financial integration in the Greater Bay Area. Respondents believe that blockchain can be used for multiple operations in cross-border transactions, including ensuring the accuracy and security of cross-border payment and settlement information, customer authentication, and AML/CFT review. In addition, the report also shows that as of the third quarter of 2022, the mBridge project involved more than 160 payment and foreign exchange transactions, with a total amount of over 171 million Hong Kong dollars. The development of the project will continue until it becomes a system that can be put into production.

Hong Kong Monetary Authority: 59% of respondents believe that blockchain is a technology related or very relevant to enhancing financial integration in the Greater Bay Area

Analysis based on this information:


The Hong Kong Monetary and Financial Research Center has released a financial research report titled “The Greater Bay Area Cross Border Payment and Settlement System: Current Practices and Latest Developments.” The report reveals that blockchain technology is considered a relevant or highly relevant technology to strengthen financial integration in the Greater Bay Area. According to the report, 59% of respondents believe that blockchain can be used for multiple operations in cross-border transactions, including ensuring the accuracy and security of cross-border payment and settlement information, customer authentication, and AML/CFT review.

Blockchain technology, which forms the underlying technology of digital currency, offers a decentralized method to record transactions in a secure and transparent way. The report highlights the potential application of blockchain in cross-border transactions, especially in ensuring the accuracy and security of payment and settlement information. Customer authentication and anti-money laundering (AML) and counter-terrorism financing (CFT) review could also benefit from the blockchain technology.

In addition, the report also showcases the mBridge project, which has successfully undertaken over 160 payment and foreign exchange transactions, with a total amount of over 171 million Hong Kong dollars as of the third quarter of 2022. The project aims to develop a cross-border payment and settlement system that can be used in the Greater Bay Area. The report concludes that the development of the project will continue until it reaches a stage where it can be put into production.

The Greater Bay Area Cross Border Payment and Settlement System has immense potential to streamline cross-border payments and boost financial integration in the area. The use of blockchain technology can play a significant role in ensuring secure transactions while also speeding up the process. The mBridge project is an important step towards achieving this goal.

In conclusion, the report highlights the importance of blockchain technology in cross-border transactions and its relevance to strengthening financial integration in the Greater Bay Area. The mBridge project’s success showcases the potential of this technology to bring about a seamless cross-border payment and settlement system. AML and CFT review could also benefit from the implementation of blockchain technology in cross-border payments.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6757/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/16/2023 03:51
Next 03/16/2023 03:55

Recommended articles