Daijiworld Media Network - Abu Dhabi
Abu Dhabi, Nov 20: The United Arab Emirates and China have marked a historic milestone in global financial innovation with the UAE executing its first-ever cross-border payment using central bank digital currency. The transaction, carried out through the newly introduced ‘Jisr’ platform, signals a new phase of digital cooperation between the two countries.
The breakthrough took place at Qasr Al Watan in Abu Dhabi where His Highness Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Central Bank of the UAE’s Board, received Pan Gongsheng, Governor of the People’s Bank of China. UAE Central Bank Governor Khaled Mohamed Balama was also present during the high-level meeting.
Sheikh Mansour personally initiated the first CBDC-enabled payment between the UAE and China, using the ‘Jisr’ network designed to enable instant cross-border settlements, reduce transfer costs and support seamless digital payment flows. The platform, developed with the participation of leading Emirati and Chinese banks, is expected to expand significantly in 2026 when additional central banks join the network, strengthening the UAE’s position as a global connector in digital finance.
During the visit, both nations also celebrated the successful interlinking of the UAE’s Instant Payment System with China’s Internet Banking Payment System. The integration now enables secure, real-time financial transfers between the two countries at any hour of the day. Authorities stated that the system will support multiple cross-border needs, including payments for UAE students in China, remittances from Chinese nationals residing in the Emirates and commercial transactions between businesses of both nations. Officials highlighted that the linkage will substantially improve the efficiency, speed and reliability of payments, further deepening bilateral economic cooperation.
The event also witnessed the launch of the ‘Jaywan–UnionPay’ multi-scheme prepaid card, which marks the first such collaborative payment product between the UAE’s domestic card scheme Jaywan and China’s global payment network UnionPay. The card will be accepted in more than 180 countries through UnionPay’s network while ensuring complete domestic processing for transactions within the UAE. Issued in partnership with Lari Exchange, the new card strengthens payment convenience for residents and travellers while enhancing interoperability between the two financial ecosystems.
To support long-term financial collaboration, UAE Central Bank Governor Khaled Mohamed Balama and China’s central bank chief Pan Gongsheng signed a Memorandum of Understanding focusing on cross-border payments, advanced financial infrastructure development and joint strategic initiatives. Officials stated that the MoU provides a strong foundation for future cooperation and innovation-driven projects.
Sheikh Mansour described the developments as a reflection of the deepening strategic partnership between the UAE and China. He said the launch of the ‘Jisr’ platform, the linking of instant payment systems and the introduction of the new prepaid card represent concrete steps towards building a modern, secure and future-ready digital financial environment. He added that these initiatives will accelerate technological progress, streamline cross-border payments and reinforce the UAE’s leadership in global fintech transformation.