China Prepares to Launch SWIFT Competitor

China has announced the commercial launch of a new platform that will transform cross-border transactions, reduce reliance on the dollar, and bring Beijing closer to its trading partners under the Belt and Road initiative.

The mBridge platform will enable cross-border settlements using central bank digital currencies based on blockchain technology, including the digital yuan.

Thailand, the United Arab Emirates, and Saudi Arabia are also participating in this development.

A precise commercial launch date has not yet been announced, but preparations are said to be in full swing, with fees expected to be half those of traditional international payment systems.

Analysts estimate that the platform will be in demand among small businesses, for which international payment systems, including SWIFT, seem expensive and complex.