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The People’s Bank of China’s Cross-Border Interbank Payment System (CIPS) has recently signed new agreements with six financial institutions across the Middle East, Africa (MEA), and Asia. This significant development, announced at the China International Finance Exhibition 2025 in Shanghai, marks the first time CIPS has established foreign direct partnerships to facilitate Renminbi (RMB) clearing and settlement services across these regions.
The institutions becoming offshore yuan centers for CIPS are Standard Bank, African Export-Import Bank, First Abu Dhabi Bank (FAB), Eldik Bank, and United Overseas Bank. These direct participations will allow for faster, more secure, and efficient RMB payment solutions and real-time settlement capabilities for cross-border transactions.
CIPS, launched on October 8, 2015, serves as the primary channel for cross-border yuan transactions, covering trade settlements, capital account settlements, and payment services for financial institutions and individuals. As of May 31, CIPS had processed over CNY675 trillion ($94 trillion) in payment transactions. Its network includes 1,683 participants, reaching over 180 countries and regions through a vast network of legal entity financial institutions.
Prior to CIPS, cross-border yuan clearing heavily relied on the SWIFT messaging system for payment instructions, with actual clearing occurring through China’s domestic payment systems. The direct participation of these foreign banks signifies a new era for CIPS, expanding its global reach and strengthening the internationalization of the RMB.
First Abu Dhabi Bank (FAB) highlights the strategic importance of its direct participation in CIPS. As the only UAE bank with a fully licensed branch in Mainland China, FAB is uniquely positioned to integrate the RMB into its global banking services. Hana Al Rostamani, Group CEO at FAB, stated that this move enhances FAB’s ability to provide efficient RMB payment solutions and reinforces its leadership in regional cash management and clearing, further solidifying its role as a key financial infrastructure partner for transactions between China, the UAE, and the broader MENA region.
This expansion of CIPS is expected to further facilitate cross-border trade payments, provide crucial institutional and technical support for cross-border yuan investment and financing, and generally enhance the efficiency of RMB transactions globally. It also underscores China’s efforts to promote the RMB as a global currency and to establish a robust alternative to existing international payment systems.

Video courtesy of Interactive Brokers.

Video courtesy of Interactive Brokers.