FAB Pioneers Cross-Border RMB Payments in MENA

First Abu Dhabi Bank (FAB) has become the first bank in the Middle East and North Africa (MENA) region to directly join the Cross-border Interbank Payment System (CIPS). This move significantly boosts FAB’s capacity to offer its clients quicker, more secure, and efficient solutions for cross-border payments in Chinese Renminbi (RMB), as stated in a recent press release.

FAB’s direct involvement in CIPS, which is China’s official infrastructure for cross-border RMB payments, solidifies the ADX-listed bank’s strong position in cash management and clearing services throughout the MENA region.

Key Highlights:

• Sole UAE Bank in Mainland China: FAB is the only bank from the UAE with a fully licensed branch operating in Mainland China, demonstrating its commitment to serving clients and partners in both markets.

• Digital Transformation Leadership: This development aligns with FAB’s focus on digital transformation and its dedication to strengthening the UAE’s role as a major regional financial center.

• Enhanced Payment Solutions: Hana Al Rostamani, Group CEO at FAB, emphasized that direct participation in CIPS enables the bank to provide faster, more secure, and efficient RMB payment solutions with real-time settlement capabilities. This also reinforces FAB’s leadership in regional cash management and clearing, establishing it as a reliable financial partner for transactions between China, the UAE, and the wider MENA region.

• Innovative B2B Solutions: FAB is also a pioneer in deploying Oracle and Mastercard’s solution, which aims to transform business-to-business (B2B) finance and payment transactions in the MENA region.

• Strong Financial Performance: In the first quarter of 2025, FAB reported net profits of AED 5.12 billion, marking a 23% year-on-year increase from AED 4.15 billion.