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Zawya
2 days ago
- Business
- Zawya
Egypt, China sign 3 MoUs to boost financial, payment system ties
Arab Finance: The Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, received his Chinese counterpart Pan Gongsheng in Cairo, where the two officials discussed enhancing bilateral financial cooperation and witnessed the signing of three memoranda of understanding (MoUs) aimed at deepening economic ties, as per a statement. The first MoU was signed between Suez Canal Bank, China-Africa Investment Company (TEDA), and CIPS Limited, the operator of China's Cross-Border Interbank Payment System. The agreement aims to promote the use of the Chinese yuan among businesses operating in the Egypt-China Economic and Trade Cooperation Zone. The second agreement was signed between Chinese payment firm UnionPay and the Egyptian Banks Company (EBC), which manages Egypt's national payment infrastructure. This partnership seeks to improve Egypt's electronic payment ecosystem and broaden acceptance of UnionPay cards across points of sale and online platforms throughout the country. UnionPay also signed a separate MoU with Egyptian fintech PayMob to expand the acceptance of its cards among merchants and websites affiliated with PayMob. Discussions between the two sides focused on several key areas, including a local currency swap agreement, settling payments in local currencies, Egypt's issuance of Panda bonds in the Chinese market, and linking the two countries' payment systems. They also explored ways to boost the presence of Chinese banks in Egypt and Egyptian banks in China to encourage joint investments. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Egypt, China central banks sign pacts to boost yuan use, payment systems
The central banks of Egypt and China on Tuesday signed three memoranda of understanding aimed at promoting the use of the Chinese yuan and expanding electronic payment cooperation, the Central Bank of Egypt (CBE) said in a statement. The signings took place after a meeting between CBE Governor Hassan Abdalla and his counterpart from the People's Bank of China, Pan Gongsheng, at the CBE's headquarters in Cairo during the Chinese official's current visit to Egypt. During the talks, the two officials discussed several key topics, including a currency swap agreement, settling payments in local currencies, Egypt's issuance of 'Panda' bonds in the Chinese market, and linking their respective payment systems, the statement said. They also affirmed the importance of increasing the presence of each other's banks to encourage joint investment. One of the agreements was signed between Suez Canal Bank, TEDA China-Africa Investment Co., and CIPS Co. Ltd., the operator of China's Cross-border Interbank Payment System. It aims to promote and encourage the use of the Chinese yuan within the China-Egypt Trade and Economic Cooperation Zone. China's UnionPay signed two protocols. The first, with the Egyptian Banks Company for Technological Advancement (EBC), aims to improve e-payment infrastructure and expand the acceptance of UnionPay cards in the Egyptian market. The second, with fintech firm Paymob, focuses on cooperation in marketing electronic payment acceptance services for UnionPay cardholders. In the statement, CBE Governor Hassan Abdalla welcomed the visit, saying it was an important opportunity to exchange expertise and expand financial and banking cooperation to support economic stability and sustainable development in both countries. The agreements underscore the efforts by both countries to enhance their strategic partnership and support economic integration by developing financial infrastructure and expanding cooperation in digital payments, the CBE statement added. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Egypt, China Sign Three Financial Cooperation Deals during Central Bank Governors' Meeting
Taarek Refaat The Governor of the Central Bank of Egypt (CBE) Hassan Abdullah welcomed his Chinese counterpart Pan Gongsheng to Cairo this week, where the two central banks agreed to strengthen bilateral cooperation across a range of financial sectors. Discussions focused on expanding currency swap arrangements, promoting local currency settlements, and enhancing interbank payment systems between the two nations — all within the framework of their long-standing strategic partnership. During the talks, both sides emphasized the importance of boosting mutual investment, increasing the presence of Chinese banks in Egypt and Egyptian banks in China, and leveraging cooperation in emerging financial technologies. 'This visit marks a significant step in our shared commitment to deepening cooperation in banking and financial services,' said Abdullah. 'It opens new avenues for knowledge exchange, supports financial stability, and advances sustainable development goals.' Following the meeting, the two governors witnessed the signing of three Memorandums of Understanding (MoUs), signaling a major push toward digital and cross-border financial integration: -A tripartite MoU between Egypt's Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Co., Ltd. — the operator of China's Cross-Border Interbank Payment System — to promote the use of the Chinese yuan within the Egypt-China Economic and Trade Cooperation Zone. -A cooperation protocol between China's UnionPay and Egypt's Electronic Banking Services Company (EBC), aiming to expand electronic payment infrastructure and increase the acceptance of UnionPay cards across Egypt — including physical points of sale and e-commerce platforms. -An additional agreement between UnionPay and Egypt-based fintech company Paymob, focused on promoting electronic acceptance solutions for businesses and digital merchants serving UnionPay cardholders. The initiatives are intended to modernize Egypt's payments ecosystem, foster local currency trade, and streamline financial operations between Egyptian and Chinese institutions. Officials from both countries stated that these agreements reinforce the shared vision of economic integration and support the two nations' sustainable development agendas. The visit and agreements come amid Egypt's broader drive to enhance its global financial partnerships and China's continued effort to strengthen its economic footprint across the Middle East and Africa. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt, China central banks sign pacts to boost yuan use, payment systems
The central banks of Egypt and China on Tuesday signed three memoranda of understanding aimed at promoting the use of the Chinese yuan and expanding electronic payment cooperation, the Central Bank of Egypt (CBE) said in a statement. The signings took place after a meeting between CBE Governor Hassan Abdalla and his counterpart from the People's Bank of China, Pan Gongsheng, at the CBE's headquarters in Cairo during the Chinese official's current visit to Egypt. During the talks, the two officials discussed several key topics, including a currency swap agreement, settling payments in local currencies, Egypt's issuance of 'Panda' bonds in the Chinese market, and linking their respective payment systems, the statement said. They also affirmed the importance of increasing the presence of each other's banks to encourage joint investment. One of the agreements was signed between Suez Canal Bank, TEDA China-Africa Investment Co., and CIPS Co. Ltd., the operator of China's Cross-border Interbank Payment System. It aims to promote and encourage the use of the Chinese yuan within the China-Egypt Trade and Economic Cooperation Zone. China's UnionPay signed two protocols. The first, with the Egyptian Banks Company for Technological Advancement (EBC), aims to improve e-payment infrastructure and expand the acceptance of UnionPay cards in the Egyptian market. The second, with fintech firm Paymob, focuses on cooperation in marketing electronic payment acceptance services for UnionPay cardholders. In the statement, CBE Governor Hassan Abdalla welcomed the visit, saying it was an important opportunity to exchange expertise and expand financial and banking cooperation to support economic stability and sustainable development in both countries. The agreements underscore the efforts by both countries to enhance their strategic partnership and support economic integration by developing financial infrastructure and expanding cooperation in digital payments, the CBE statement added.
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
Egypt, China ink 3 financial cooperation agreements - Economy
Hassan Abdalla, the governor of the Central Bank of Egypt (CBE), and Pan Gongsheng, the governor of the People's Bank of China (PBOC), signed three cooperation agreements on Thursday aimed at deepening financial cooperation between the two countries. The signing took place following a meeting between the two sides during Gongsheng's current official visit to Cairo. The meeting, held at the CBE headquarters, underscored the growing strategic partnership between Egypt and China and explored mechanisms for expanding cooperation between their central banks. During the talks, both sides discussed ways to strengthen coordination on various monetary and financial issues, including activating a local currency swap agreement, facilitating payments settlement in local currencies, exploring the issuance of Panda Bonds, and creating interoperability between their respective national payment systems. The two governors also explored ways to increase the presence of banks from each side in the other's financial system and to promote bilateral investment flows. For his part, Abdalla expressed his appreciation for Gongsheng's visit and the deep-rooted ties between Egypt and China, highlighting the occasion as a valuable platform for exchanging expertise and reinforcing collaboration in banking and financial services. He affirmed that this cooperation supports economic stability and advances sustainable development objectives for both countries. The two central bank governors witnessed the signing of three memoranda of understanding aimed at expanding cooperation across key sectors of mutual interest. The first memorandum was signed between the Suez Canal Bank, China-Africa TEDA Investment Company, and CIPS Company Limited — the institution responsible for operating China's Cross-border Interbank Payment System (CIPS). The agreement aims to enhance the use of the Chinese yuan within the China-Egypt Suez Economic and Trade Cooperation Zone, facilitating smoother trade and financial transactions between the two countries. The second was signed between UnionPay International and the Egyptian Banks Company for Technological Advancement (EBC). This agreement aims to strengthen Egypt's electronic payment infrastructure and enhance the acceptance of UnionPay cards throughout the Egyptian market. The move is expected to enable UnionPay cardholders to make seamless purchases across electronic point-of-sale (POS) terminals and e-commerce platforms nationwide. The third MoU saw UnionPay International partner with Egyptian fintech company Paymob to support the expansion of electronic acceptance services for merchants and digital platforms connected to Paymob's network. This partnership aims to boost financial inclusion and make Egypt more accessible to Chinese consumers and businesses. The signing of the three memoranda reflects the joint commitment of Egypt and China to deepen their strategic partnership and strengthen financial connectivity. These steps align with broader efforts to advance digital transformation, enhance trade facilitation, and promote economic integration between the two nations. The visit marks a new chapter in Egypt-China relations, laying the foundation for more collaborative initiatives in banking, finance, and beyond. Follow us on: Facebook Instagram Whatsapp Short link:
