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), received Pan Gongsheng, Governor of the People’s Bank of China (PBOC), at Qasr Al Watan in Abu Dhabi, in the presence of Khaled Mohamed Balama, Governor of the CBUAE.
During the meeting, Sheikh Mansour executed the first cross-border payment between the UAE and China using central bank digital currency (CBDC) through the newly launched ‘Jisr’ network.
The transaction marked the official launch of the platform, developed to support cross-border payments and strengthen financial connectivity.
Sheikh Mansour later attended ceremonies that showcased several completed financial infrastructure projects between the two countries.
The ‘Jisr’ CBDC platform, established with the participation of Emirati and Chinese banks, is designed to facilitate cross-border transfers, reduce transaction costs, and provide instant settlement.
The platform is expected to expand in 2026 with the participation of additional central banks.
The UAE’s Instant Payment System has been interconnected with China’s Internet Banking Payment System, allowing users in both countries to make secure, instant money transfers at any time.
The linkage supports scholarship transfers for Emirati students in China, remittances for Chinese residents in the UAE, and commercial payments between companies.
The first multi-scheme prepaid card, ‘Jaywan-UnionPay’, was also launched and used for its initial transaction.
Issued in partnership with Lari Exchange, the card integrates the UAE’s domestic scheme Jaywan with China’s UnionPay, enabling wider international acceptance while ensuring local processing for transactions within the UAE.
Sheikh Mansour said:
“These initiatives reflect the depth of the partnership between the United Arab Emirates and the People’s Republic of China, and open new horizons for economic, financial, and technological cooperation. The launch of the ‘Jisr’ platform, the interlinking of instant payment systems, and the introduction of the multi-scheme prepaid card ‘Jaywan-UnionPay’ represent steps towards developing a secure financial infrastructure that supports innovation and facilitates cross-border payments.”
Khaled Mohamed Balama and Pan Gongsheng also signed a Memorandum of Understanding to enhance cooperation in cross-border payments, develop financial infrastructures, and support joint initiatives between the two central banks.
Featured image credit: Edited by Fintech News Hong Kong, based on image by mrsiraphol via Freepik
This article first appeared on Fintech News Middle East