The Central Bank of the UAE (CBUAE) and CIPS, the operator of China’s Cross Border Interbank Payment System, have signed a MoU to strengthen cooperation in payment infrastructure and improve the efficiency of cross border transactions between the UAE and China.
Under the agreement, both parties will collaborate on initiatives aimed at supporting the use of their respective payment systems for transactions between the two countries.
The partnership will also cover areas such as risk management, compliance, and the exchange of expertise to enhance the security and stability of cross border payment infrastructure.
Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, said,
“We look forward to keeping pace with developments in the global payments landscape and leveraging technology and innovation to stimulate economic and trade growth, develop the financial services sector in both countries, create innovative financial solutions for cross border payments settlement, and facilitate transactions and reduce costs. This will contribute to enhancing the promising prospects for sustainable development and achieving the mutual interests of the two countries.”
Xiangyang Wu, Vice President of CIPS, said, added,
“This MoU reflects our shared desire to strengthen cooperation, exchange expertise, and leverage digital advancements to streamline the processing and settlement of cross border financial payments more smoothly and efficiently between the two countries, and enable stakeholders to easily access payment services. This will facilitate the achievement of our common goals and support the continued prosperity of both our economies.”
Featured image credit: Edited by Fintech News Middle East, based on image by andranik.h90 via Freepik
