The first payment transaction using the central bank's digital currency was conducted between the UAE and China through the 'mBridge' network, officially launching the platform designed to enhance cross-border transactions and strengthen the financial ecosystem.

The transaction was done during a meeting between Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chief of the Presidential Court and Chairman of the Board of Directors of the Central Bank of the UAE, and Pan Gongsheng, Governor of the People's Bank of China, at Qasr Al Watan in Abu Dhabi.

The 'Jisr' central bank digital currency platform, in which a group of Emirati and Chinese banks are participating, aims to facilitate cross-border payments, significantly reduce transaction costs, and provide instant settlement of payments.

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Inauguration of 'mBridge' Platform for CBDCs

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.

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