At the ASEAN-China-Gulf Cooperation Council summit in Malaysia, the Cross-Border Interbank Payment and Settlement Company (CIPS) signed a memorandum of understanding with the Central Bank of the United Arab Emirates to strengthen payment infrastructure and improve cross-border payment efficiency. The cooperation includes joint research and development of an interconnection project between cross-border payment systems, intended to provide local-currency payment and settlement services to commercial institutions in the Middle East and North Africa. The MOU also covers exchanges on risk and compliance practices and efforts to enhance the security and stability of cross-border payment systems.
Central Bank of the Republic of China 2025-05-28
Central Bank of the United Arab Emirates and Cross-Border Interbank Payment System sign MOU to advance cross-border payments cooperation
At the ASEAN-China-Gulf Cooperation Council summit, the Cross-Border Interbank Payment and Settlement Company (CIPS) and the Central Bank of the United Arab Emirates signed an MOU to enhance payment infrastructure and cross-border payment efficiency. The agreement includes joint R&D on interconnecting payment systems for local-currency services in the Middle East and North Africa, and exchanges on risk, compliance, and system security.