China-UAE Payment Cooperation Project Officially Launched

Recently, the launch ceremony of the China - UAE payment cooperation project was held in Abu Dhabi, UAE, marking the official launch of the interconnection of the rapid payment systems between China and the UAE, the first transaction of the dual - brand card of "UnionPay - Jaywan", and the UAE's multilateral central bank digital currency bridge (JISR) project. On the same day, the governors of the central banks of the two countries signed the "Memorandum of Understanding between the People's Bank of China and the Central Bank of the United Arab Emirates on China - UAE Cross - border Payment Interconnection". The two sides will build a regulatory framework for cross - border payment cooperation between China and the UAE, achieve the interconnection of the rapid payment systems of the two countries, support enterprises and individuals in both countries to quickly handle cross - border remittances online, improve the efficiency and service level of cross - border payments between China and the UAE, and further facilitate bilateral economic and trade activities and personnel exchanges.