HKEX, HSBC back 'mBridge' digital currency project involving central banks of Hong Kong, China, Thailand…

Hong Kong's financial community has given its backing to a sovereign digital currency project being tested by the central banks of Hong Kong and China, saying they are ready to test cross-border financial payments using the blockchain. "mBridge" - a digital currency platform being developed by the central banks of Hong Kong, China, Thailand and the United Arab Emirates - could help conduct all foreign exchange transactions in real time and reduce costs, senior finance executives said at the Treasury Markets Association's annual summit on Wednesday. Currently, most currency transactions are settled on a "T+2" basis, or two days after…