emirates7 - The Central Bank of the UAE (CBUAE) and CIPS Co., Ltd. (CIPS), the operator of China’s Cross-Border Interbank Payment System, have signed a Memorandum of Understanding (MoU) aimed at enhancing collaboration in the payment infrastructure sector to improve the efficiency of cross-border transactions between the UAE and China.
The agreement was signed by Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, and Xiangyang Wu, Vice President of CIPS, in the presence of senior officials from both organizations.
Under the MoU, the two institutions will work together to design and implement initiatives that enhance the ease, speed, and cost-efficiency of cross-border payments between the two countries. They will also collaborate in the areas of risk management and compliance, and share knowledge to bolster the safety, stability, and resilience of cross-border payment systems.
Saif Al Dhaheri stated that this partnership supports both nations’ commitment to building strategic alliances and aligns with the vision of the UAE’s leadership to boost financial, trade, and investment ties. He emphasized that the initiative aims to stay ahead of global payment trends, harness technological innovation, and develop advanced financial solutions that simplify transactions and reduce costs, contributing to sustainable development and shared economic goals.
Xiangyang Wu highlighted that the collaboration with the CBUAE opens new doors for deepening ties across the financial, trade, and banking sectors. He said the MoU represents a shared commitment to enhancing cooperation, exchanging expertise, and utilizing digital technologies to make cross-border payments more efficient and accessible—supporting economic growth and mutual prosperity.
The agreement was signed by Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, and Xiangyang Wu, Vice President of CIPS, in the presence of senior officials from both organizations.
Under the MoU, the two institutions will work together to design and implement initiatives that enhance the ease, speed, and cost-efficiency of cross-border payments between the two countries. They will also collaborate in the areas of risk management and compliance, and share knowledge to bolster the safety, stability, and resilience of cross-border payment systems.
Saif Al Dhaheri stated that this partnership supports both nations’ commitment to building strategic alliances and aligns with the vision of the UAE’s leadership to boost financial, trade, and investment ties. He emphasized that the initiative aims to stay ahead of global payment trends, harness technological innovation, and develop advanced financial solutions that simplify transactions and reduce costs, contributing to sustainable development and shared economic goals.
Xiangyang Wu highlighted that the collaboration with the CBUAE opens new doors for deepening ties across the financial, trade, and banking sectors. He said the MoU represents a shared commitment to enhancing cooperation, exchanging expertise, and utilizing digital technologies to make cross-border payments more efficient and accessible—supporting economic growth and mutual prosperity.