CNBC reports that Central banks from the United Arab Emirates, China, Thailandand Hong Kong are exploring a digital currency cross-border payment project together.

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) worked together to study the application of central bank digital currencies (CBDC) last year.

They are now expanding their work to include the People’s Bank of China’s (PBOC) digital currency research institute and the Central Bank of the United Arab Emirates.

Central bank digital currencies have been gaining steam with monetary authorities around the world. They broadly relate to central banks attempting to digitalize their fiat currency.