BOCHK makes fully automated transactions of corporate remittances

BOCHK is the first Hong Kong commercial bank to connect to mBridge.

Bank of China (Hong Kong) (BOCHK) successfully completed its first fully automated transactions for both inward and outward cross-border corporate remittances with the mBridge platform.

The integration enables corporate customers to seamlessly  initiate mBridge remittance applications online and lays the foundation for future 24/7 cross-border remittance processing, BOCHK said in a press release.

BOCHK is the first Hong Kong commercial bank to connect to mBridge.

Project mBridge aims to study how central bank digital currencies (CBDCs) and innovative  technologies can be applied to address common pain points in cross-border payments.

The mBridge project team currently consists of the Bank for International Settlements (BIS) Innovation Hub  Hong Kong Centre, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of  China (PBOC), the Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority (HKMA).

BOCHK has synchronized its payment and settlement processes for eligible corporate remittances through the fully automated process, said Xing Guiwei, deputy chief executive of BOCHK.

BOCHK will continue to develop its product and service functionalities, and to accelerate the comprehensive implementation of different use cases so as to promote the scaling-up of the mBridge platform’s operations, Xing said.

The bank said that it will collaborate with other banks to provide a faster cross border remittance experience for corporate customers.