Bank of China Hong Kong Achieves Milestone with First mBridge Cross-Border Remittance

Bank of China Hong Kong Connects with mBridge System

In a significant advancement for cross-border banking, the Bank of China Hong Kong (BOCHK) has officially connected with the mBridge system, marking a notable milestone as the first commercial bank in Hong Kong to achieve this connection. This development heralds a new era in the efficiency and speed of cross-border remittances, particularly for corporate clients.

Successful Cross-Border Remittance

BOCHK has successfully completed its inaugural cross-border remittance for a corporate client using the mBridge platform. This first transaction showcases the effectiveness of mBridge in facilitating swift and secure international money transfers.

Automation of Transactions

One of the key features of the mBridge system is its ability to fully automate both incoming and outgoing transactions. As part of this automation, BOCHK will automatically select eligible remittance transactions to utilize the mBridge channel when processing remittances to recipient banks. This not only streamlines the process but also significantly reduces the time required for transaction completion.

Enhanced Efficiency for Corporate Clients

The integration with mBridge is expected to improve the overall experience for corporate clients engaging in cross-border activities. With automated transaction processing, businesses can expect:

• Faster Transaction Times: Reduced waiting periods for processing cross-border remittances.
• Increased Automation: Enhanced efficiency with the automated selection and processing of transactions.
• Improved Security: Advanced measures in place to ensure secure transactions.

Conclusion

The successful connection of BOCHK to the mBridge system is a pivotal step forward in the digital banking landscape in Hong Kong. This advancement not only positions BOCHK as a leader in cross-border banking but also opens up new possibilities for corporate clients looking for efficient remittance solutions.

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