"China is preparing to launch mBridge, a blockchain-based cross-border payment platform that uses wholesale central bank digital currency (CBDC) issued on a shared distributed ledger rather than routed as bank deposits across multiple institutions. The system is set to be backed by central banks in China, Hong Kong, Thailand and the UAE, with operations overseen by a Hong Kong-based entity. Access fees are expected to be half those charged by SWIFT and other international payment networks."