Commercial Bank of Dubai (CBD) has completed a bilateral wholesale Digital Dirham transaction with Bank of China through the Central Bank of the UAE’s (CBUAE) Jisr platform, successfully sending and receiving Digital Dirham between the two banks.
The transaction demonstrated the ability to process wholesale Digital Dirham payments from initiation through to settlement on the Jisr platform, marking further progress in developing cross-border digital currency payment capabilities between the UAE and China.
The latest development builds on CBD’s earlier involvement in the CBUAE’s cross-border wholesale central bank digital currency (CBDC) initiatives. With this transaction, the bank has advanced its participation in Jisr to include bilateral wholesale Digital Dirham transfers. The initiative also aligns with CBD’s corporate payments strategy, which focuses on strengthening international financial connectivity and contributing to the development of next-generation banking infrastructure.
The CBUAE’s Jisr platform is designed to support cross-border CBDC settlement through bilateral connectivity between the UAE and participating markets. It forms part of the Central Bank’s broader efforts to develop digital payment infrastructure and improve the efficiency of international financial transactions.
The Digital Dirham is a key component of the CBUAE’s Financial Infrastructure Transformation Programme, which aims to accelerate the digital transformation of financial services across the UAE.
Dr. Bernd van Linder, Chief Executive Officer, CBD, said, “Our participation in the Digital Dirham programme reflects CBD’s long-term commitment to support the Central Bank of the UAE’s vision for a modern, secure and innovative financial ecosystem. By contributing our banking expertise, we aim to support the development of cross-border payment capabilities and the UAE’s continued growth as a global trade and financial hub.”
Vladislavs Mironovs, Chief Digital Officer, CBD, said, “CBD’s participation in Jisr reflects our focus on contributing to the development of innovative payment capabilities. Completing this transaction with Bank of China through the Jisr platform demonstrates our ability to execute cross-border Digital Dirham payments and supports our continued participation in the development of cross-border Digital Dirham use cases.”
CBD said it would continue working with the CBUAE, Bank of China and other partners on the development of the Digital Dirham ecosystem, in accordance with applicable regulatory requirements. The collaboration represents another step in the UAE’s efforts to expand the use of digital currencies in financial transactions and strengthen its position as an international centre for trade and financial innovation.
