Latest news with #CIPS
Finextra
5 hours ago
- Business
- Finextra
Standard Bank adds access to China's Cross-Border Interbank Payment system
In a first for the continent, Standard Bank Corporate and Investment Banking is the first authorised bank to offer transactions through China's Cross-Border Interbank Payment System (CIPS). 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The bank was recently granted license to offer CIPS transactions at this year's Lujiazui Forum. The Forum was created as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further the financial reform and market opening in China. eponymous conference held in Shanghai. The payment system will allow for interbank payments between Africa and China using Chinese Renminbi (RMB) as the underpinning currency. Access to CIPS will provide banks and financial institutions the ability to clear and settle cross-border payments without the need to use different currencies. 'As an institution that is invested in driving Africa's economic growth, we are excited to be the first bank on the continent that offers CIPS transactions. This demonstrates our commitment and ability to deliver innovative solutions that truly add value for our clients,' says Anne Aliker, Group Head of Client Coverage at Standard Bank Corporate Investment Banking. According to Standard Bank's Trade Barometer 2024, 34% of surveyed businesses source their imports from China in contrast to 23% of the businesses surveyed in May 2023. This is indicative of the growing trade between Africa and China. 'We believe that CIPS will contribute to unlocking Africa's economic potential by fast tracking the advancement in trade that will support infrastructure development, greater regional integration and efficient deployment of capital,' adds Aliker. With China being Africa's largest export market, the new payment system will simplify and accelerate the clearance of transactions between the two markets. 'We will continue to seamlessly meet our clients' needs by providing flexibility in solutions in line with to the developing payments landscape,' concludes Aliker. CIPS transactions will be available on Standard Bank platforms from September 2025.
Zawya
15 hours ago
- Business
- Zawya
First Abu Dhabi Bank becomes First MENA Bank to join CIPS as direct participant
Abu Dhabi, UAE – First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest and safest financial institutions, has become a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS), the official cross-border payment infrastructure for Renminbi (RMB). FAB's direct participation in CIPS enhances its ability to provide clients with faster, more secure and efficient cross-border RMB payment solutions, reinforcing its leadership in cash management and clearing across the Middle East and North Africa (MENA) region, as well as its reputation for operational excellence and robust risk management. FAB is currently the only UAE bank operating a fully licensed branch in Mainland China and is committed to supporting the needs of clients and partners in both markets. As the largest bank in the UAE and a cornerstone of the nation's economic, corporate, and financial ecosystem, FAB is uniquely positioned to drive growth and innovation across the China-UAE/GCC corridor. This landmark achievement underscores FAB's leadership in digital transformation and its commitment to advancing the UAE's position as a regional financial hub. Hana Al Rostamani, Group Chief Executive Officer at FAB, said:"With a fully licensed branch in Mainland China, FAB holds a unique position among UAE banks enabling it to lead on the integration of the Renminbi into our existing global banking service offering. Our direct participation in CIPS significantly enhances our ability to provide faster, more secure and efficient RMB payment solutions and deliver real-time settlement capabilities. This development reinforces our leadership in regional cash management and clearing. It also strengthens FAB's role as a trusted financial infrastructure partner for clients transacting between China, the UAE and the broader MENA region. As cross-border transactions accelerate, we remain committed to delivering the infrastructure and innovation that enable financial connectivity at pace." FAB's participation as a Direct Participant of CIPS reflects its vision to remain at the forefront of financial innovation as MENA's leading bank. The bank continues to invest in advanced infrastructure and capabilities to ensure it remains the partner of choice for clients navigating the complexities of international trade and finance. About First Abu Dhabi Bank (FAB) Headquartered in Abu Dhabi with a global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.31 trillion (USD 356 billion) as of March-end 2025, FAB is among the world's largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across three business units: 1) Investment Banking & Markets, 2) Wholesale Banking, and 3) Personal, Business, Wealth and Privileged Client Banking Group. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody's, S&P, and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI ESG rating of 'AA', and is also ranked among the top 6% of banks globally by Refinitiv's ESG Scores and ranked the Best diversified bank in MENA by Sustainalytics ESG Risk Rating.
Al Bawaba
16 hours ago
- Business
- Al Bawaba
First Abu Dhabi Bank Becomes First MENA Bank to Join CIPS as Direct Participant, Strengthening Its Regional Cash Management and Clearing Capabilities
First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest and safest financial institutions, has become a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS), the official cross-border payment infrastructure for Renminbi (RMB).FAB's direct participation in CIPS enhances its ability to provide clients with faster, more secure and efficient cross-border RMB payment solutions, reinforcing its leadership in cash management and clearing across the Middle East and North Africa (MENA) region, as well as its reputation for operational excellence and robust risk is currently the only UAE bank operating a fully licensed branch in Mainland China and is committed to supporting the needs of clients and partners in both the largest bank in the UAE and a cornerstone of the nation's economic, corporate, and financial ecosystem, FAB is uniquely positioned to drive growth and innovation across the China-UAE/GCC corridor. This landmark achievement underscores FAB's leadership in digital transformation and its commitment to advancing the UAE's position as a regional financial Al Rostamani, Group Chief Executive Officer at FAB, said: "With a fully licensed branch in Mainland China, FAB holds a unique position among UAE banks enabling it to lead on the integration of the Renminbi into our existing global banking service offering. Our direct participation in CIPS significantly enhances our ability to provide faster, more secure and efficient RMB payment solutions and deliver real-time settlement capabilities. This development reinforces our leadership in regional cash management and clearing. It also strengthens FAB's role as a trusted financial infrastructure partner for clients transacting between China, the UAE and the broader MENA region. As cross-border transactions accelerate, we remain committed to delivering the infrastructure and innovation that enable financial connectivity at pace." FAB's participation as a Direct Participant of CIPS reflects its vision to remain at the forefront of financial innovation as MENA's leading bank. The bank continues to invest in advanced infrastructure and capabilities to ensure it remains the partner of choice for clients navigating the complexities of international trade and finance. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Zawya
a day ago
- Business
- Zawya
CBUAE signs MoU with CIPS to enhance cooperation in cross-border payments between the UAE and China
Abu Dhabi: The Central Bank of the UAE (CBUAE) and CIPS Co., Ltd. (CIPS), the operating institution of the Cross-Border Interbank Payment System of China, signed a Memorandum of Understanding (MoU) aiming at strengthening joint cooperation in the payment infrastructure landscape towards improving the efficiency of cross-border payments between the UAE and China. The MoU was signed by H.E. Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE and Mr. Xiangyang WU, Vice President of CIPS in the presence of senior officials from both entities. As part of the MoU, the two parties will collaborate on designing and developing initiatives that foster the more seamless, streamlined, and cost-effective use of their payment infrastructures for cross-border transactions between the two countries. Furthermore, the parties will work to develop and strengthen their cooperation in risk and compliance, and share expertise to improve the security, safety, soundness, and stability of cross-border payment infrastructures." H.E. Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, said: "This MoU underpins both countries' efforts to cultivate strategic partnerships and reinforce our commitment to strengthening financial, trade, and investment cooperation, in line with the vision of the wise leadership. We look forward to keeping pace with developments in the global payments landscape and leveraging technology and innovation to stimulate economic and trade growth, develop the financial services sector in both countries, create innovative financial solutions for cross-border payments settlement, and facilitate transactions and reduce costs. This will contribute to enhancing the promising prospects for sustainable development and achieving the mutual interests of the two countries." Mr. Xiangyang WU, Vice President of CIPS, said: "Our cooperation with the Central Bank of the UAE will provide ample opportunities to strengthen relations between the two countries across the economic, trade, investment, financial, and banking sectors. This MoU reflects our shared desire to strengthen cooperation, exchange expertise, and leverage digital advancements to streamline the processing and settlement of cross-border financial payments more smoothly and efficiently between the two countries, and enable stakeholders to easily access payment services. This will facilitate the achievement of our common goals and support the continued prosperity of both our economies."
South China Morning Post
a day ago
- Business
- South China Morning Post
China's payment system spreads across Africa and Asia amid US trade war
China's cross-border yuan payment system has signed up more financial entities from Africa, Central Asia and the Middle East, as Beijing accelerates efforts to promote the global use of its currency amid rising tensions with the United States. A group of six financial institutions officially joined the yuan-based Cross-border Interbank Payment System (CIPS) as direct participants during a ceremony in Shanghai on Wednesday, becoming the latest entities to sign up to China's alternative to the Society for Worldwide Interbank Financial Telecommunication (Swift) system. The newcomers include the African Export-Import Bank, First Abu Dhabi Bank, South Africa's Standard Bank, Singapore's United Overseas Bank, the Kyrgyzstan-based Eldik Bank, and Chongwa (Macau) Financial Asset Exchange, a state-owned asset trading platform from the special administrative region, according to state broadcaster CCTV. Beijing has been promoting the CIPS – which was first launched in 2015 – as it strives to expand the use of the yuan in global trade and hedge against any potential moves by the United States to impose financial sanctions on Chinese entities. The system had 174 direct participants as of the end of May, though most of them were made up of domestic and overseas branches of Chinese banks, as well as Chinese branches of global financial giants such as HSBC, JP Morgan and Citibank. A direct participant refers to an entity that owns a CIPS account and can directly remit through the system, while indirect participants have to rely on others to complete transactions on their behalf.
