Shortly after the Annual Conference of the Financial Street Forum 2024 concluded, Sibos 2024, another significant international financial event, kicked off in Beijing.

On the morning of October 23, in collaboration with Sibos 2024, the Financial Street Forum successfully hosted a seminar titled “Opportunities and Challenges of the Multi-Central Bank Digital Currency Bridge (mBridge) and Cross-Border Payment Innovation” as part of the forum’s series events. Kevin Wong, Managing Director for Asia Pacific at SWIFT, delivered the opening remarks. Sun Shuo, Vice Mayor of Beijing, and Zhang Tao, Chief Representative of the BIS Office for Asia and the Pacific, gave welcome addresses. Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, and Lu Lei, Deputy Governor of the People’s Bank of China, delivered keynote speeches. Over 200 participants attended the event.

Zhou Xiaochuan stated that from the perspective of demand, the interconnectivity among Asian economies and their rapid development have driven the initiation and gradual implementation of the mBridge project.

Lu Lei stated that central bank digital currencies (CBDCs) can be utilized to address the pain points of cross-border payment, including high costs, low efficiency, lack of transparency, and limited access. In keeping with the principles of “no-harm, compliance, and interoperability”, the mBridge project serves as a public good to promote the healthy development of the international monetary system.

Sun Shuo remarked that Beijing will continue to expand institutional opening up in the financial sector, fostering a more favorable environment for development. This will better serve China’s financial reform and opening up, and promote international financial cooperation initiatives to be implemented and yield positive results in Beijing.

Zhang Tao highlighted that the BIS will work closely with central banks, regulatory authorities, and the industry in exploring approaches to optimize the functioning model of the financial system through a series of measures, including setting global financial standards and conducting policy dialogues.

Moderated by Bénédicte Nolens, Head of the BIS Innovation Hub Hong Kong Centre, the first panel discussion brought together Alisara Mahasandana, Deputy Governor Corporate Development at the Bank of Thailand, Colin POU, Executive Director (Financial Infrastructure) of the Hong Kong Monetary Authority (HKMA), Shu Pui Li, Advisor to H.E. the Governor of Central Bank of United Arab Emirates (UAE), and Mu Changchun, Director-General of the Digital Currency Institute at the People’s Bank of China (PBCDCI). The panelists discussed the current progress, challenges, and future plans of the mBridge project.

In the second panel discussion, which was moderated by Hakan Eroglu, Advisor at the BIS Innovation Hub Hong Kong Centre, participants included Lewis Lei Sun, Global Head of Domestic and Emerging Payments for Global Payments Solutions (GPS) at HSBC, Chany Xiong, Executive Director for Cash Products Management and Transaction Banking at Standard Chartered Bank (Hong Kong) Limited, Anand Sampath, Representative of First Abu Dhabi Bank (FAB), and Li Xin, Chief Business Manager of the Digital Currency Office of the Bank of China. They deliberated on how to enhance cross-border payment efficiency and reduce transaction costs through the mBridge project from the perspective of participating commercial banks. They also explored how blockchain technology ensures transaction security and transparency, shared practical experiences, and exchanged ideas about the challenges and future cooperation prospects.

As the first event of the Financial Street Forum series following the conclusion of the 2024 Annual Conference, this seminar is organized by the Beijing Financial Street Cooperative Development Council and co-hosted by the Beijing Municipal Bureau of Local Financial Regulation and the Beijing Financial Street Services Bureau.

The 2024 Annual Conference, by offering cultural performances and a series of financial events, aimed to facilitate the integration of resources across the two sectors. By leveraging its advantage as a national financial management center, Beijing has intensified efforts to promote Chinese culture and its favorable business environment, making Beijing Financial Street even more international and influential. Such endeavors indicated the capital’s confidence and determination in opening up and developing the financial sector.

Leaders from relevant departments of Beijing Municipality and Xicheng District attended the event.