Abu Dhabi: The Central Bank of the UAE (CBUAE) and CIPS Co., Ltd. (CIPS), the entity responsible for managing China's Cross-Border Interbank Payment System, have entered into a Memorandum of Understanding (MoU) to enhance cooperation in cross-border payments between the UAE and China. The agreement aims to improve the efficiency of payment infrastructures for transactions between the two nations.

According to Emirates News Agency, the MoU was signed by Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, and Xiangyang WU, Vice President of CIPS. The signing ceremony was attended by senior officials from both organizations, emphasizing the significance of this strategic partnership.

Under the terms of the MoU, CBUAE and CIPS will work together to design and develop initiatives that promote a more seamless and cost-effective use of their respective payment infrastructures for cross-border transactions. The collaboration will also focus on enhancing cooperation in risk management and compliance while sharing expertise to bolster the security and stability of cross-border payment systems.

Saif Al Dhaheri stated that the MoU is a testament to both countries' efforts to forge strategic partnerships in line with their leadership's vision. He highlighted the intention to leverage technology and innovation to stimulate economic growth, develop the financial services sector, and create innovative solutions for cross-border payment settlements.

Xiangyang WU expressed that the cooperation with CBUAE offers opportunities to strengthen ties across various sectors. He noted that the MoU reflects a shared commitment to leveraging digital advancements for smoother and more efficient financial transactions, ultimately supporting the prosperity of both economies.