Abu dhabi: His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the UAE (CBUAE), has welcomed Pan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan in Abu Dhabi, in the presence of Khaled Mohamed Balama, Governor of the Central Bank of the UAE.
According to Emirates News Agency, H.H. Sheikh Mansour bin Zayed Al Nahyan executed the first-ever cross-border payment using central bank digital currency (CBDC) between the UAE and China through the ‘Jisr’ network. This official launch of the platform is aimed at enhancing cross-border transactions and strengthening the financial ecosystem.
In addition, H.H. Sheikh Mansour attended ceremonies celebrating the successful interlinking of financial infrastructures between the UAE and China. These events were attended by the Governor of the Central Bank of the UAE, the Governor of the People’s Bank of China, Zhang Yiming, the Ambassador of the People’s Republic of China to the UAE, along with Assistant Governors and senior officials from both sides.
The events showcased several key projects. The inauguration of the ‘Jisr’ platform for CBDCs, established with the participation of a group of Emirati and Chinese banks, is set to facilitate cross-border payments, reduce transaction costs, and provide instant payment settlement. The platform is expected to expand in 2026 with the addition of more central banks, enhancing economic prospects and reinforcing the UAE’s role in global financial connectivity.
The interlinking of the UAE’s Instant Payment System and China’s Internet Banking Payment System allows users in both countries to carry out secure, instant money transfers around the clock. This linkage supports various use cases, including scholarship transfers, remittances, and commercial transactions, representing a step towards developing an advanced payment infrastructure and strengthening economic ties.
Furthermore, the launch of the first multi-scheme prepaid card, ‘Jaywan-UnionPay’, marks a collaboration between the UAE’s Jaywan and China’s UnionPay. Issued in partnership with Lari Exchange, the card integrates both systems for wider global acceptance through UnionPay’s network, while ensuring local transaction processing within the UAE.
Commenting on these developments, H.H. Sheikh Mansour bin Zayed highlighted the depth of the strategic partnership between the UAE and China. He emphasized that the initiatives represent steps towards developing a modern and secure financial infrastructure, fostering innovation, and facilitating seamless cross-border payments, thereby enhancing the UAE’s competitive capabilities and leadership in financial innovation.
Khaled Mohamed Balama and Pan Gongsheng signed a Memorandum of Understanding aimed at strengthening cooperation in cross-border payments and developing financial infrastructures to support joint initiatives between the two countries.