AsianFin — Abu Dhabi First Bank (FAB) has officially become a direct participant in China’s Cross-Border Interbank Payment System (CIPS), marking a significant milestone as the first bank from the Middle East and North Africa (MENA) region to join the renminbi (RMB) payment network in this capacity.

FAB is currently the only UAE-based bank with a branch license to operate in mainland China. By joining CIPS as a direct participant, FAB gains enhanced capabilities in providing faster, more secure, and more efficient RMB payment and real-time settlement services.

Hana Al Rostamani, Group CEO of FAB, said the move will significantly strengthen the bank’s RMB service offerings and support its clients engaged in cross-border trade and investment with China.