The Central Bank of the UAE has signed a Memorandum of Understanding with CIPS Co., Ltd., the operator of China’s Cross-Border Interbank Payment System, to strengthen cooperation on payment infrastructure and improve the efficiency of cross-border payments between the UAE and China. The MoU provides for joint work to design and develop initiatives that support more seamless, streamlined and cost-effective use of the two parties’ payment infrastructures for cross-border transactions. Cooperation will also extend to risk and compliance, with expertise sharing intended to enhance the security, safety, soundness and stability of cross-border payment infrastructures and to support smoother processing and settlement and easier access to payment services.
Central Bank of the UAE signs MoU with China’s CIPS to deepen cooperation on UAE-China cross-border payments
The Central Bank of the UAE has signed a Memorandum of Understanding with CIPS Co., Ltd., operator of China's Cross-Border Interbank Payment System, to enhance cooperation on payment infrastructure and cross-border payment efficiency between the UAE and China. The agreement includes joint initiatives for streamlined transactions and expertise sharing in risk and compliance to improve security and stability.