UAE and China to enhance cross-border payments
Emirati central bank signs MoU with Cips to streamline bilateral financial transactions
The Central Bank of the UAE and China’s Cross‑Border Interbank Payment System (Cips) have signed an agreement to improve the efficiency of cross‑border payments between the two countries.
The memorandum of understanding was signed today (June 19) in Abu Dhabi by the UAE central bank’s assistant governor for banking operations, Saif al-Dhaheri, and Cips’ vice-president, Xiangyang Wu.
Both parties plan to collaborate on modernising their payments infrastructure and building initiatives to facilitate
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