The Hong Kong Monetary Authority announced that the mBridge project has entered the Minimum Viable Product (MVP) stage, and the project team will continue to optimize various aspects of the platform and further expand public and private sector participation. The mBridge project aims to study how to apply central bank digital currencies and innovative solutions to solve the current pain points of cross-border transfer. The authorities pointed out that the MVP platform is highly compatible and can be used as a testing basis to explore more technical solutions, new use cases and interoperability with other platforms. The private sector is welcome to submit solutions and use case proposals. As of June, five local commercial banks have connected to the mBridge platform to participate in the MVP stage, including Bank of China Hong Kong, Bank of Communications Hong Kong Branch, ICBC Asia, Standard Chartered Hong Kong, and HSBC. The authorities expect more banks to connect to the platform in the future. In addition, the HKMA and the project team welcome the Saudi Central Bank as a fully participating member of the mBridge MVP platform. There are currently 26 observer members, including the international monetary fund, the World Bank and many central banks around the world. The observer members will hold regular meetings to understand the progress, experience and development of the project, and can be tested through the sandbox to better understand the platform functions. David Yu, chief executive of the HKMA, said that the mBridge project was the most mature "multi-central bank digital currency" research project under the BIS Innovation Hub, and other central banks were invited to participate, whether as users or co-developers.