This report sets out the take-aways of Project Inthanon-LionRock Phase 2 and introduces the scope of the third phase. Phase 2 achieved a prototype that enables three participating central banks to control the flow of their CBDC and to monitor transactions and balances of their issued CBDC, with programmable levels of transaction privacy and aspects of automated compliance. The prototype demonstrates a substantial increase in cross-border transfer speed from days to seconds, as well as the potential to reduce several of the core cost components of correspondent banking. It thereby demonstrates the potential of faster and lower cost cross-border transfers for participating jurisdictions. The benefits would be further increased for jurisdictions that do not benefit from a vibrant correspondent banking network. With the joining of BIS Innovation Hub Hong Kong Centre, the Digital Currency Institute of the People's Bank of China and the Central Bank of the United Arab Emirates, the project has evolved into Phase 3 and to this effect has been renamed mCBDC Bridge project or, in short, mBridge. Phase 3 involves 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. To achieve this, collaboration with the public and private sector will continue and trials will be conducted in a safe environment.