In terms of technology, he said "solid foundations" have been laid that have "already made virtual banking and faster payments a part of daily life."  

He also said the digital transformation is being accelerated by encouraging all banks to "harness the power of data to promote financial efficiency and inclusion. We are pioneering research and pilot schemes in domestic and cross-border central bank digital currencies.  We are very pleased that the PBoC is our close partner in the m-CBDC Bridge project and the technical trials for cross-boundary use of e-CNY." 

A prototype of multiple central bank digital currencies (mCBDCs) developed by the Bank for International Settlements Innovation Hub and the four central banks demonstrated the potential of using digital currencies and distributed ledger technology (DLT) for delivering "real-time, cheaper and safer cross-border payments and settlements".

According to the report, the enhanced prototype has the potential to offer various benefits to the participating central banks, including the ability to "manage the liquidity of their CBDC on the prototype, monitor the flow and the balances of their issued CBDC, enhance the level of privacy of the transactions, and automate certain compliance functions. Compared to the existing correspondent banking model, the prototype could substantially speed up cross-border transfers and reduce their costs."

Phase 3 of the mBridge project will involve "further experimentation with design choices and technology trade-offs and a future roadmap from prototype to a production-ready network that can serve the broader central banking community as a public good through open-sourcing."