UAE and China Join Hands to Improve Cross-Border Payments

Post by : Bandanpreet Kaur

Photo: WAM

The Central Bank of the UAE (CBUAE) and CIPS Co., Ltd. (CIPS), which runs China’s Cross-Border Interbank Payment System, have signed a special agreement. This agreement is called a Memorandum of Understanding (MoU), and it will help both countries work together better in the area of international payments.

The MoU was officially signed by Saif Al Dhaheri, who is the Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE, and Xiangyang Wu, Vice President of CIPS. Many senior officials from both organizations were also present at the signing.

Through this agreement, both countries will create and support projects that make it easier and cheaper to send money between the UAE and China. The goal is to build a stronger and smoother payment system for cross-border transactions.

They will also team up to improve safety and security in financial transactions. This includes sharing knowledge, managing risks, and making sure all rules are followed so that their payment systems stay strong and safe.

Saif Al Dhaheri said that this agreement supports the UAE and China’s goal to build a strong partnership. He mentioned that this step will help grow financial and trade ties between the two countries. He also added that by using the latest technology and coming up with new ideas, the UAE hopes to support economic development, reduce the cost of sending money across borders, and improve financial services for everyone.

Xiangyang Wu, Vice President of CIPS, shared that this partnership will open new doors for both countries in trade, finance, and banking. He said this agreement shows the strong will of both sides to work together, share knowledge, and make international payments faster and easier using digital technology. This will help businesses and people from both countries benefit more and grow together.

In short, this new cooperation between the UAE and China is a big step toward building a better and safer payment system for cross-border transactions, supporting trade and investment, and helping both countries move forward together.

UAE Central Bank