Egypt and China are advancing financial and digital ties as their central bank governors witnessed the signing of three agreements during a high-level meeting in Cairo on Thursday, the Central Bank of Egypt (CBE) said in a statement. CBE Governor Hassan Abdalla and Pan Gongsheng, his counterpart at the People's Bank of China (PBC), discussed bolstering bilateral financial links, including settlement systems in local currencies, Panda bond issuance, and enhanced connectivity between payment systems. The visit reflects Egypt's growing pivot toward Asia as it diversifies partnerships and boosts non-dollar trade. The talks also underscored China's expanding financial footprint across Africa. Among the deals signed was a memorandum of understanding between Suez Canal Bank, China-Africa TEDA Investment Company, and the China-based Cross-border Interbank Payment System (CIPS), aimed at promoting the use of the yuan within China-EgyptSuez Economic and Trade Cooperation Zone. Another MoU was signed between China's UnionPay International and the Egyptian Banks Company to strengthen Egypt's e-payment infrastructure and widen the acceptance of UnionPay cards across physical and online retailers. It will enable cardholders to make purchases at all electronic Points-of-Sale (POS) terminals or e-commerce websites within the country. A third MoU was signed between China's UnionPay Company and Egyptian fintech Paymob to expand electronic payment services for UnionPay cardholders at affiliated businesses and platforms. "These protocols reflected the Egyptian-Chinese commitment to boosting their bilateral strategic partnership and supporting economic integration efforts by advancing financial services infrastructure and expanding collaboration in the field of electronic payments, thereby contributing to the achievement of sustainable development goals and promoting trade and investment exchange between the two countries." CBE statement read. The initiatives come as Egypt accelerates reforms to digitise its economy and attract investment, while China pursues deeper trade and currency ties across the Global South. Attribution: Amwal Al Ghad English Suez Canal Bank, China-Africa TEDA Investment Company, and the China-based Cross-border Interbank Payment System (CIPS) sign the MoU (CBE Photo) China's UnionPay International and the Egyptian Banks Company sign the MoU (CBE Photo) China's UnionPay Company and Egyptian fintech Paymob sign the MoU (CBE Photo) Prev 1 of 3 Next
