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>>The United Arab Emirates executed its inaugural Mbridge CBDC payment with China.

The United Arab Emirates executed its inaugural Mbridge CBDC payment with China.

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3 days ago

Historic CBDC Transfer

The UAE, led by Sheikh Mansour bin Zayed Al Nahyan, completed the first cross‑border payment using a central bank digital currency (CBDC). The transaction used the MBridge (Jisr) network and involved China’s People’s Bank governor Pan Gongsheng. It was witnessed at Qasr Al Watan in Abu Dhabi alongside UAE Central Bank Governor Khaled Mohamed Balama.

MBridge Platform

MBridge, created by the BIS, connects UAE and Chinese banks to enable instant CBDC settlements. The platform aims to cut transaction costs and speed up cross‑border payments. Expansion is planned for 2026 with additional central banks joining the network.

Regional CBDC Momentum

An IMF blog noted that two‑thirds of Middle East and Central Asian countries are exploring CBDCs, with Bahrain, Saudi Arabia and the UAE in advanced proof‑of‑concept stages. These nations view CBDCs as tools for financial inclusion and more efficient international transfers. Saudi Arabia has already joined the MBridge project.

UAE Digital Dirham Pilot

The UAE is preparing to launch its digital dirham, having piloted a settlement between the Ministry of Finance and Dubai’s Department of Finance. The test, coordinated with the Central Bank of the UAE, completed in under two minutes. This demonstrates the readiness of the UAE’s CBDC infrastructure.