According to the Financial Times, the cross-border digital currency payment platform mBridge, jointly participated in by the central banks of China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia, is nearing commercial launch and plans to establish an entity in Hong Kong responsible for operations. Sources say its cross-border payment fees are about half of those of traditional systems, mainly targeting small and medium-sized enterprises and the "Belt and Road" trade scenarios. Data shows that mBridge has processed approximately 470 billion yuan (about 69 billion USD) in transactions, supporting direct settlement of central bank digital currencies of various countries, and is seen as one of the alternatives to SWIFT and the US dollar-dominated cross-border payment system.