The People's Bank of China and the Central Bank of the United Arab Emirates launched a China–UAE payments cooperation project and signed a memorandum of understanding to develop cross-border payments interoperability, centred on linking the two countries’ fast payment systems. The memorandum of understanding sets out plans to build a supervisory framework for cross-border payment cooperation and to support businesses and individuals in making rapid online cross-border remittances, with the stated aim of improving efficiency and service levels and facilitating bilateral trade and travel. At the launch ceremony, the parties witnessed the interconnection of the fast payment systems, the first transaction on a UnionPay–Jaywan co-badged card, and the formal launch of the UAE’s multilateral digital currency bridge (JISR) project.
Central Bank of the Republic of China 2025-11-21
People's Bank of China signs memorandum of understanding with the Central Bank of the United Arab Emirates to interconnect fast payment systems
The People's Bank of China and the Central Bank of the UAE have initiated a China–UAE payments cooperation project, signing a memorandum to enhance cross-border payments interoperability. The agreement aims to establish a supervisory framework for rapid online remittances and improve bilateral trade and travel efficiency. The launch included interconnecting fast payment systems and the UAE's digital currency bridge project.