On May 27, 2025, the ASEAN-China-GCC Summit was held in Malaysia. To further enhance the cooperation between China, GCC and other regions, the Cross-Border Interbank Payment System and the Central Bank of the UAE signed the Memorandum of Understanding to Enhance Cross-Border Payment Cooperation, in order to improve payment infrastructure and the efficiency of cross-border payments. Both sides will work together to develop a cross-border payment connectivity program, which will provide local currency clearing services for financial institutions in the Middle East and North Africa, deepen exchanges on risk management and compliance, and make cross-border payment systems safer and more stable.
Date of last update
Nov. 29 2018
