Settlement arrangements to follow
A separate MoU will govern settlement arrangements, including settlement, liquidity and foreign exchange services, supporting the international expansion of Jaywan.
Junfeng said growing ties between China and the UAE are increasing demand for seamless cross-border payment services in trade and tourism.
“Building on the MoU on cross-border payments signed by the two central banks in 2025, these agreements will strengthen the global competitiveness and operational resilience of the UAE’s domestic payment brand. Furthermore, this partnership will significantly improve local currency settlement efficiency and support bilateral trade ties,” he said.
Existing partnership expands
The latest agreement builds on the existing partnership between Al Etihad Payments and UnionPay covering the issuance of co-badged Jaywan-UnionPay cards by financial institutions in the UAE.
Under that arrangement, domestic transactions are processed through the Jaywan scheme, while international transactions are processed through the UnionPay International network.
Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series.
Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy.
An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question.
When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.