Sheikh Mansour makes first-ever UAE-China direct digital currency payment

Abu Dhabi: Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the UAE (CBUAE), has welcomed Pan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan in Abu Dhabi, in the presence of Khaled Mohamed Balama, Governor of the Central Bank of the UAE.

During the meeting, Sheikh Mansour bin Zayed Al Nahyan, executed the first-ever cross-border payment using central bank digital currency (CBDC) between the UAE and China through the ‘mBridge’ network, officially launching the platform designed to enhance cross-border transactions and strengthen the financial ecosystem.

In addition, Sheikh Mansour attended ceremonies celebrating the successful interlinking of financial infrastructures between the UAE and China. The ceremonies were attended by Governor of the Central Bank of the UAE, Governor of the People’s Bank of China, and Zhang Yiming, the Ambassador of the People's Republic of China to the UAE, along with Assistant Governors and senior officials from both sides.

The events showcased the following key projects:

The ‘mBridge’ platform for central bank digital currencies (CBDCs), 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, thereby enhancing economic prospects and reinforcing the UAE’s pivotal role in the global financial connectivity system.

The interlinking between the UAE’s Instant Payment System and China’s Internet Banking Payment System enables users in both countries to carry out secure, instant money transfers around the clock. This linkage supports a wide range of use cases, including scholarship transfers for Emirati students in China, remittances for Chinese residents in the UAE, and cross-border commercial transactions between companies in both nations. This milestone represents a pivotal step towards developing an advanced and secure payment infrastructure, enhancing trade exchange, improving the efficiency and reliability of cross-border payments, and contributing to the strengthening of economic ties between the two countries.

The announcement of the first multi-scheme prepaid card under the name ‘Jaywan–UnionPay’, and the execution of its first transaction, marks a significant milestone reflecting the depth of collaboration between the UAE’s domestic card scheme Jaywan and China’s UnionPay. The card was issued in partnership with Lari Exchange, and the integration between the two systems enables wider global acceptance of these cards through UnionPay’s international network, which spans more than 180 countries, while ensuring that transactions are processed locally when used within the UAE.

Commenting on the major developments, H.H. Sheikh Mansour bin Zayed, said: “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. 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.”

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Pan Gongsheng, Governor of the People’s Bank of China, signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation in cross-border payments, developing financial infrastructures, and supporting joint strategic initiatives that deepen partnership between the two countries.