① The Global Banking Financial Telecommunication Association (SWIFT) announced the results of the second phase of the sandbox test of the central bank's digital currency interconnection solution, and is considering launching this interconnection platform as a product over the next 12-24 months. ② Tests have shown that digital currencies can be used for highly complex foreign/trade payments and have the potential to reduce process costs through automation.
On Monday local time, the Association for Global Banking, Finance and Telecommunication (SWIFT) announced the results of the second phase of the sandbox test of the central bank's digital currency interconnection solution, and SWIFT is considering launching this internet platform as a product over the next 12-24 months. This platform “is moving from a trial stage to a stage where it is gradually becoming a reality.”
The scale of global cross-border payments continues to grow, the volume of financial transactions between China and international currencies continues to expand, and traditional cross-border payment methods are expensive and inefficient. However, this test shows that even if digital currencies in different countries/regions are based on different basic technologies (or “agreements”), they can be used together on the same internet platform. At the same time, these digital currencies can also be used for highly complex foreign/trade payments, and may reduce process costs through automation. The Tianfeng Securities Research Report points out that as the RMB internationalization process continues to be interpreted, as an important tool for RMB internationalization, the development and implementation of the digital currency bridge is expected to accelerate, bringing demand for bank information system transformation, and is expected to drive the interpretation of banks' IT system construction requirements from domestic to global.
According to the Finance Federation's theme library, among the relevant listed companies:
In terms of “digital yuan cross-border payment”, Sifang Jingchuang provided technical advice and project implementation work for the “mBridge” project. As a fintech company participating in the project, the company actively explored the application of central bank digital currency in cross-border payments, and has accumulated technology and successful cases.
Kelan Software's digital yuan products are mainly used in designated commercial banks on the 2nd floor and other commercial banks and non-bank payment institutions on the 2.5 layer. Furthermore, the company successfully designed and implemented electronic payments between major countries and successfully completed production systems.