In a landmark development for global finance, China and the United Arab Emirates have successfully executed their inaugural cross-border payment utilizing central bank digital currency (CBDC). This pioneering transaction was conducted through the newly established JISR network, representing a significant advancement in both financial technology and international monetary cooperation.
The breakthrough occurred during an official visit by People’s Bank of China Governor Pan Gongsheng to Abu Dhabi. Sheikh Mansour bin Zayed Al Nahyan, Vice-President and Deputy Prime Minister of the UAE who also chairs the Central Bank’s board of directors, personally conducted the inaugural transaction. The event was documented by the UAE’s official news agency WAM, which characterized the development as reflecting “the depth of the strategic partnership between the UAE and the People’s Republic of China.”
The JISR platform, developed with participation from financial institutions in both nations, is specifically engineered to streamline cross-border payments while dramatically reducing associated transaction costs and enabling instantaneous settlement. Banking sector expansion is anticipated throughout 2026 as additional financial institutions join the network.
Concurrently, officials from both countries witnessed the technical integration of the UAE’s Instant Payment Platform with China’s Internet Banking Payment System. This interoperability will facilitate secure, real-time financial transfers between the two nations regardless of time zones, enabling diverse applications including educational scholarship transfers for Emirati students in China, remittance services for Chinese expatriates in the UAE, and seamless commercial transactions between enterprises.
The bilateral cooperation extended further with the introduction of the ‘Jaywan–UnionPay’ multi-scheme prepaid card. Developed in collaboration with Lari Exchange, this financial instrument merges both payment ecosystems to provide extensive global accessibility through UnionPay’s international network spanning more than 180 countries while maintaining local transaction efficiency within the UAE.
Complementing these achievements, central bank governors from both nations formalized their commitment through a Memorandum of Understanding aimed at enhancing cooperation in cross-border payment systems, advancing financial infrastructure development, and supporting joint strategic initiatives to deepen the comprehensive bilateral partnership.