The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with China’s Cross-Border Interbank Payment System (CIPS) to enhance cooperation in cross-border payment infrastructure.
The agreement aims to improve the efficiency, security, and cost-effectiveness of transactions between the UAE and China. Under the MoU, both parties will collaborate on developing initiatives that enable more seamless and streamlined use of their respective payment systems.
The partnership underscores the growing importance of financial connectivity between the UAE and China, supporting trade, investment, and broader economic ties.
Gulf Economist Staff Writer