The UAE and China Execute First Cross-Border Digital Payment via “Bridge” Network
The UAE and China have embarked on a historic step by executing the first cross-border digital payment through the “Bridge” network. This initiative, which utilizes central bank digital currencies, represents the first practical application of a platform designed to enhance payments between the two countries and improve financial ties. This move signifies a new chapter in financial cooperation between the UAE and China, aimed at driving economic growth by facilitating financial transfers and promoting financial inclusion between the two nations.
Significant Event at Qasr Al Watan
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, hosted the Governor of the People’s Bank of China, Pan Gongsheng, at Qasr Al Watan in Abu Dhabi, where the first cross-border payment was executed via the “Bridge” platform. This official event marks the launch of a platform aimed at strengthening the financial partnership between the UAE and China, accelerating the pace of economic relations between them.
Benefits of the “Bridge” Platform
The “Bridge” platform was developed in collaboration with several national banks from both countries, facilitating international transfers and reducing transaction costs. Through this platform, users will be able to conduct instant settlements, making payments more efficient and less costly. “Bridge” is expected to attract more central banks by 2026, enhancing its status as an advanced hub for cross-border digital payments.
Improving User Experience
Furthermore, the UAE’s instant payment system has been linked to the online banking payment system in China, allowing users to make secure and instant financial transfers at any time. The “Bridge” platform will also support scholarship transfers for Emirati students in China, as well as transfers for Chinese residents in the UAE, enhancing user experience and supporting business transactions between companies in both countries.
Launch of Advanced Payment Cards
In a related move, the first multi-network prepaid card, “Jawan-UnionPay,” was also launched, which was used in the first official transaction during this event. This card is issued in partnership with “Lari Exchange,” combining the local Jawan system of the UAE with China’s UnionPay system. This partnership enhances the card’s international acceptance and ensures local processing of transactions within the UAE, reflecting the progress and innovation present in the financial sector.
These initiatives clearly demonstrate the strengthening of financial cooperation between the UAE and China, opening new horizons for collaboration and economic development in the years to come.