The content is a summary of a joint report titled “Project mBridge: Connecting economies through CBDC” published in October 2022. The report is a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates.The report highlights the limitations of the current payment system for cross-border financial flows, including high costs, low speed, lack of transparency, and operational complexities. It proposes the use of multiple Central Bank Digital Currency (CBDC) arrangements to improve the system. These multi-CBDC platforms would directly connect jurisdictional digital currencies in a single technical infrastructure, enabling immediate, cheap, and secure cross-border payments with universal access.