SWIFT is testing CBDC interlinking innovative solutions with the Hong Kong Monetary Authority and two other central banks

ChainCatcher news, according to official sources, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is testing CBDC interconnection innovative solutions with three central banks, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan. It has now entered a new phase of sandbox testing, integrating the solutions with the infrastructure of various regions for direct testing.

In addition, SWIFT has also launched the second phase of sandbox testing, where commercial banks, central banks, and financial market infrastructures are exploring other use cases, including trigger-based payments on digital trading platforms, foreign exchange models, delivery versus payment, and liquidity saving mechanisms. The Reserve Bank of Australia, Deutsche Bundesbank, the Monetary Authority of Singapore, and the Bank of Thailand are among the more than 30 institutions involved in the expanded second phase.