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UAE and China to strengthen payment infrastructure relation
Gulf Today
|June 20, 2025
The Central Bank of the UAE (CBUAE) and CIPS Co, Ltd (CIPS), the operating institution of the Cross-Border Interbank Payment System of China, signed a Memorandum of Understanding (MoU) aiming at strengthening joint cooperation in the payment infrastructure landscape towards improving the efficiency of cross-border payments between the UAE and China.
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The MoU was signed by Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE and Xiangyang WU, Vice President of CIPS in the presence of senior officials from both entities.
As part of the MoU, the two parties will collaborate on designing and developing initiatives that foster the more seamless, streamlined, and cost-effective use of their payment infrastructures for cross-border transactions between the two countries.
Furthermore, the parties will work to develop and strengthen their cooperation in risk and compliance, and share expertise to improve the security, safety, soundness, and stability of cross-border payment infrastructures.
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