First Abu Dhabi Bank (FAB), recognized as one of the largest and safest financial institutions globally, has achieved a significant milestone by becoming a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS). This system serves as the official infrastructure for Renminbi (RMB) cross-border payments. This achievement highlights FAB’s commitment to digital transformation and strengthens the UAE’s position as a financial hub in the region.

With its direct participation in CIPS, FAB enhances its capability to offer clients faster, secure, and efficient RMB payment solutions. This development not only reinforces its leadership in cash management and clearing across the Middle East and North Africa (MENA) region but also showcases its dedication to operational excellence and effective risk management.

FAB is currently the only bank in the UAE with a fully licensed branch in Mainland China. This unique position allows FAB to cater to the needs of clients and partners in both markets. As the largest bank in the UAE and a key player in the nation’s economic and financial ecosystem, FAB is well-positioned to foster growth and innovation along the China-UAE/GCC corridor.

Hana Al Rostamani, the Group Chief Executive Officer of FAB, emphasized that with their fully licensed branch in Mainland China, the bank can lead in integrating the Renminbi into its global banking services. She noted that their participation in CIPS significantly enhances their ability to offer real-time settlement capabilities and efficient payment solutions. This move reinforces FAB’s role as a trusted partner for clients involved in transactions between China, the UAE, and the broader MENA region.

FAB’s entry into CIPS reflects its vision to remain at the forefront of financial innovation as the leading bank in MENA. The bank is committed to investing in advanced infrastructure to ensure it remains the preferred partner for clients dealing with the complexities of international trade and finance.