Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, on Wednesday executed the first cross-border payment using UAE digital currency, between the Emirates and China.
Sheikh Mansour, also Chairman of the Board of Directors of the Central Bank of the UAE, completed the milestone transaction during a meeting with Pan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan in Abu Dhabi.
The central bank digital currency (CBDC) transfer was made through the ‘mBridge’ network, marking the official launch of a service aimed at boosting global transactions and bolstering the financial ecosystem.
The ‘mBridge’ platform, established with the participation of a group of Emirati and Chinese banks, aims to facilitate cross-border payments, significantly reduce transaction costs, and provide instant payment settlement.
The platform is expected to undergo further expansion in 2026, with the addition of more central banks.
The ceremony - which was also attended by Khaled Mohamed Balama, Governor of the Central Bank of the UAE - also featured the announcement of the first multi-scheme prepaid card under the name ‘Jaywan–UnionPay’, and the execution of its first transaction.
“These advanced initiatives reflect the depth of the strategic partnership between the United Arab Emirates and the People’s Republic of China, and open new horizons for economic, financial, and technological cooperation," said Sheikh Mansour.
"The launch of the ‘mBridge’ platform, the interlinking of instant payment systems, and the introduction of the multi-scheme prepaid card ‘Jaywan–UnionPay’ represent tangible steps towards developing a modern and secure financial infrastructure that fosters innovation and facilitates seamless cross-border payments, thereby enhancing the UAE’s competitive capabilities and its global leadership in financial innovation.”
Digital drive
The UAE government conducted its first national transaction using the Digital Dirham last week.
The transaction was carried out by the Ministry of Finance and the Dubai Department of Finance, working closely with the Central Bank of the UAE.
It is a key milestone in the nation’s campaign to embed next-generation financial technology across the public and private sectors.
Guardians%20of%20the%20Galaxy%20Vol%203 %3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Gunn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Zoe%20Saldana%2C%20Dave%20Bautista%2C%20Vin%20Diesel%2C%20Bradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Company profile Date started: 2015 Founder: John Tsioris and Ioanna Angelidaki Based: Dubai Sector: Online grocery delivery Staff: 200 Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
T20 World Cup Qualifier, Muscat UAE FIXTURES Friday February 18: v Ireland Sat
Continue Reading on The National UAE
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.