FAB becomes MENA's first lender to join CIPS as direct participant
Abu Dhabi: First Abu Dhabi Bank (FAB) has become the first lender in the MENA region to join the cross-border Interbank Payment System (CIPS) as a direct participant (DP), according to a press release.
FAB's direct participation in CIPS, the official cross-border payment infrastructure for Renminbi (RMB), improves its ability to provide clients with faster, more secure, and efficient cross-border RMB payment solutions.
The announcement also reinforces the ADX-listed bank's position in cash management and clearing across the MENA region.
Meanwhile, FAB is the only UAE bank operating a fully licensed branch in Mainland China and is committed to meeting the needs of clients and partners in both markets.
This aligns with FAB's leadership in digital transformation and its commitment to anchoring the UAE's position as a regional financial hub.
Hana Al Rostamani, Group CEO at FAB, said: "Our direct participation in CIPS significantly enhances our ability to provide faster, more secure and efficient RMB payment solutions and deliver real-time settlement capabilities.'
'This development reinforces our leadership in regional cash management and clearing. It also strengthens FAB's role as a trusted financial infrastructure partner for clients transacting between China, the UAE and the broader MENA region," Al Rostamani highlighted.
FAB is also the first bank in the MENA region to deploy Oracle and Mastercard's solution to revolutionize business-to-business (B2B) finance and payments transactions.
In the first quarter (Q1) of 2025, the UAE-based lender logged net profits valued at AED 5.12 billion, higher by 23% year-on-year (YoY) than AED 4.15 billion.
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