Macau officially joins mBridge, digital Macao dollars are coming, and cross-border payment efficiency is about to reach a new level.

ME News. On June 1 (UTC+8), Liu Xingjuan, Commissioner of the Monetary Authority of Macao, announced that Macao has successfully applied to become an official member of the multilateral central bank digital currency bridge (mBridge) project and has completed system integration. Eleven local banks have been approved as participating institutions, and the system will officially go live on June 2.

Lu Lei, Vice Governor of the People’s Bank of China, said he looks forward to the connection between the “Digital Macao Pataca” system and the People’s Bank of China’s cross-border settlement services platform, to provide China and Portuguese-speaking countries with a more transparent, secure, and low-cost payment channel for economic and trade exchanges.

Huang Shanwen, Chairman of the Monetary Authority of Macao, said that Macao is advancing the construction of the “Digital Macao Pataca” in line with the “15th Five-Year Plan,” promoting the internationalization of the Renminbi and strengthening Macao’s hub function as a financial services platform for China and Portugal.

Zhang Hui, President of Bank of China, said that Bank of China Macau, as one of the first participating institutions, will promote end-to-end automation of cross-border remittances and build multiple channels.