Commercial Bank of Dubai (CBD) has completed wholesale Digital Dirham transfers with Bank of China.

The transfers went through Jisr, a platform of the Central Bank of the UAE (CBUAE).

Both banks sent and received wholesale Digital Dirham. According to CBD, the process ran end to end, from start to final settlement on Jisr.

These transfers support work on cross-border Digital Dirham payments between the UAE and China.

They are also part of the bank’s role in the Digital Dirham programme, which the CBUAE leads.

CBD had earlier joined cross-border projects run by the CBUAE for wholesale central bank digital currency (CBDC).

Its role on Jisr, the bank said, is part of a corporate payments plan to build stronger links abroad.

Jisr supports cross-border CBDC settlement. The platform links the UAE with each market that takes part.

As for the Digital Dirham, it sits under the CBUAE’s Financial Infrastructure Transformation Programme.

This programme aims to bring faster digital change to financial services in the UAE.

“By contributing our banking expertise, we aim to support the development of cross-border payment capabilities,”

said Dr Bernd van Linder, Chief Executive Officer at CBD.

“Completing this transaction with Bank of China through the Jisr platform demonstrates our ability to execute cross-border Digital Dirham payments,”

said Vladislavs Mironovs, Chief Digital Officer at CBD.

CBD plans to keep working with the CBUAE, Bank of China and other partners on the Digital Dirham. All of this work will be in line with CBUAE requirements.

Featured image: Edited by Fintech News UAE, based on image by Commercial Bank of Dubai (CBD) via its Press Release and Magnific.