The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding with China’s Cross-Border Interbank Payment System (CIPS) to enhance cooperation in cross-border payment infrastructure and boost the efficiency of financial transactions between the two countries.
The agreement, signed by Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, and Xiangyang Wu, Vice President of CIPS, aims to streamline payment processes, reduce transaction costs, and foster financial innovation. Senior officials from both sides witnessed the signing.
Under the MoU, the UAE and China will work together on developing initiatives to make cross-border payments more seamless and secure. The partnership also includes collaboration on risk management, compliance standards, and knowledge sharing to strengthen the stability and resilience of payment systems.
Al Dhaheri said the agreement supports broader efforts to deepen financial and trade ties, promote innovation, and align with both countries' development goals. Wu highlighted the potential to expand economic and financial cooperation and leverage digital technologies for more efficient transactions.
The move marks a significant step in advancing bilateral economic relations and reflects a shared commitment to enhancing financial connectivity and sustainable growth.
News Source: Emirates News Agency
