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Bank for International Settlements advised on new blockchain pilot
Global law firm King & Wood Mallesons has advised the Bank for International Settlements (BIS) on the cross-border Project mBridge pilot.
Emma Musgrave
Firm: King & Wood Mallesons (BIS)
Value: The pilot saw over US$12 million issued and over 160 transactions conducted to a value of more than US$22 million.
Area: Technology; banking and finance
Key players: The King & Wood Mallesons team was led by partner Urszula McCormack with support from senior associates Evan Manolios and Alison Leung.
In Mainland China, the team was led by partner Leimin Yu.
Deal significance: According to a statement provided by King & Wood Mallesons, Project mBridge is an ongoing collaboration between four participating jurisdictions (Hong Kong, Mainland China, Thailand, and the United Arab Emirates), their respective central banks, and select commercial banks.
“The ultimate aim is to connect economies via CBDCs using a wholesale exchange platform, in an effort to help make cross-border payments cheaper, faster, secure and more accessible,” the statement said, noting that the pilot saw participation from 20 commercial banks, utilising CBDCs issued by participating central banks.
“KWM worked closely with the BIS team, participating central banks and local counsel to navigate the legal, regulatory and governance-related considerations associated with the project. The pilot involved significant central and commercial bank co-ordination and highly complex legal, regulatory and cross-border issues,” the statement continued.
Commenting further, lead partner Urszula McCormack said: “The mBridge pilot represents a landmark for the development of CBDC use cases in the APAC region, and more broadly, the development of novel institutional, cross-border payment platforms.
“Collaborating with BIS and the central banks is a remarkable journey, and we’re greatly looking forward to the next steps ahead.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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