UAE & China Pioneer CBDC Cross-Border Payments with 'Jisr' Platform, Boosting Financial Integration & Global Connectivity

UAE & China Pioneer CBDC Cross-Border Payments with 'Jisr' Platform, Boosting Financial Integration & Global Connectivity

The United Arab Emirates and China have achieved a significant milestone in global digital finance by executing their inaugural cross-border payment utilizing central bank digital currencies (CBDCs). This groundbreaking transaction, facilitated by the newly unveiled 'Jisr' platform, signals a powerful stride towards deeper technological and economic synergy between the two nations. The initiative is part of a broader package designed to elevate UAE-China financial integration, also featuring new instant payment links and an innovative multi-scheme prepaid card.

Revolutionizing Cross-Border Transfers with 'Jisr'

The historic CBDC payment took place at Qasr Al Watan in Abu Dhabi, where His Highness Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank of the UAE’s Board, met with Pan Gongsheng, Governor of the People’s Bank of China. In a symbolic gesture of cooperation, Sheikh Mansour personally completed the first CBDC transfer between the UAE and China.

This landmark transaction was processed through 'Jisr' (meaning 'bridge' in Arabic), a dedicated network specifically engineered for seamless, CBDC-enabled cross-border transfers. Developed with the active involvement of Emirati and Chinese banks, 'Jisr' is set to revolutionize international payments by offering instant settlement, significantly reducing transaction costs, and ensuring smoother financial flows. Looking ahead, the platform is slated for expansion in 2026, with plans to welcome more central banks, solidifying the UAE’s increasingly pivotal role in global financial connectivity.

Interlinking Instant Payment Systems

During the visit, ceremonies also marked the successful interconnection of the financial infrastructures of both countries. High-ranking officials, including Sheikh Mansour, both central bank governors, and Zhang Yiming, China’s Ambassador to the UAE, were present. A key announcement was the integration of the UAE’s Instant Payment System with China’s Internet Banking Payment System.

This crucial linkage enables secure, real-time money transfers operating 24/7, catering to a diverse range of applications. These include:

• Facilitating scholarship transfers for Emirati students pursuing education in China.
• Streamlining remittances for Chinese residents living and working in the UAE.
• Supporting cross-border commercial transactions between businesses in both nations.

The integration is poised to enhance the speed, efficiency, and reliability of payments, thereby fostering even stronger economic and financial bonds between the UAE and China.

Introducing the Jaywan–UnionPay Multi-Scheme Prepaid Card

Another significant development unveiled was the official launch and first transaction of the 'Jaywan–UnionPay' prepaid card. This innovative multi-scheme prepaid card, a product of collaboration between Jaywan (the UAE’s domestic card scheme) and UnionPay (the prominent Chinese payment network), brings unparalleled convenience.

Key features of the card include:

• Global Acceptance: Usable in over 180 countries through UnionPay’s extensive global network.
• Local Processing: Efficient domestic processing for all transactions conducted within the UAE.
• Issuance Partnership: Issued in partnership with Lari Exchange.

This card not only enhances the global usability of payment products issued in the UAE but also maintains a robust domestic settlement infrastructure.

A Foundation for Future Collaboration: Strategic MoU

To cement their commitment to ongoing collaboration, Khaled Mohamed Balama, Governor of the UAE Central Bank, and Pan Gongsheng, Governor of the People’s Bank of China, signed a Memorandum of Understanding (MoU). This agreement focuses on:

• Deepening cooperation in cross-border payment solutions.
• Developing advanced financial infrastructures.
• Supporting joint strategic initiatives that will strengthen their long-term bilateral partnership.

The MoU provides a vital institutional framework for expanding the innovative projects introduced during this landmark visit.

Leadership's Vision for a Modern Financial Ecosystem

Sheikh Mansour underscored the profound "depth of the strategic partnership" shared by the UAE and China. He highlighted that the launch of the 'Jisr' platform, the interlinking of instant payment systems, and the introduction of the new 'Jaywan–UnionPay' card represent concrete steps toward building a modern, secure, and efficient financial ecosystem. He emphasized that these advancements are set to spur innovation, streamline cross-border payments, and further solidify the UAE’s global leadership in financial technology.