The Central Bank of The UAE (CBUAE), in collaboration with the Bank for International Settlements – BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority (HKMA), the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China, has successfully launched the Minimum Viable Product (MVP) platform of the mBridge project. This multi-central bank digital currency (CBDC) platform aims to facilitate efficient, low-cost, and instant cross-border payments settled in central bank money. The first cross-border payment using the CBUAE’s 'Digital Dirham' was initiated in January 2024, marking a significant milestone for the MVP-ready platform. Several UAE licensed financial institutions have been onboarded to the platform, which is part of the CBUAE’s broader CBDC strategy under its Financial Infrastructure Transformation (FIT) program.

The mBridge initiative, leveraging distributed ledger technology, is designed to connect economies, support international trade, and enhance global payment systems. The platform is undergoing continuous enhancements and is expected to play a crucial role in the UAE’s financial digital transformation.