Bank of China signed a Memorandum of Understanding (MoU) for cooperation with UnionPay International and Al Etihad Payments (AEP) on July 15. The cooperation will focus on key areas including cross-border QR payment interoperability between China and the United Arab Emirates, and global acceptance of Jaywan, the UAE's national domestic card scheme, striving to forge a new paradigm for bilateral payment cooperation.

This cooperation marks another outcome following the MoU on cross-border payment interoperability signed by the central banks of China and the UAE in 2025, showing new improvements in the financial infrastructure connectivity between the two countries.

Seamless payment experience

Leveraging this partnership, all parties will connect the two countries' QR payment systems. Residents of China and the UAE can use their domestic payment applications to scan QR codes directly for payments when traveling, conducting business, studying, or engaging in other activities in each other's territory. The system greatly boosts the convenience, security, and efficiency of small-value cross-border payments.

New channel for renminbi usage

As a wholly owned subsidiary of the Central Bank of the United Arab Emirates (CBUAE), Al Etihad Payments operates Jaywan. Under this cooperation framework, BOC will act as the exclusive RMB settlement bank, providing Jaywan cards with full supporting financial services covering RMB settlement, foreign exchange conversion, and account management for cross-border transactions, increasing RMB usage in payment and settlement for China-UAE economic and trade exchanges.

In recent years, BOC has consistently deepened China-UAE financial cooperation and the facilitation of global cross-border payments, delivering tangible positive results. BOC served as the sole agent settlement bank to support the successful launch of the interconnection of China-UAE instant payment systems. It also participated as a pilot launch bank in the UAE's multilateral central bank digital currency bridge (mBridge) project.

Beyond the Middle East, BOC has long proactively engaged in cross-border QR payment cooperation between China and Malaysia, Cambodia, Indonesia, and other economies, continuously upgrading the accessibility of cross-border payment services.