Asian Clearing Union to adopt SWIFT alternative

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News Date: June 1, 2023

Within the coming weeks, ACU member states plan to introduce the Iranian-developed system.
During a recent summit in Iran, the members of the Asian Clearing Union (ACU) decided to compete with the SWIFT global payment network by launching a new cross-border financial messaging system in June.
ACU members include the central banks of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Myanmar, and Iran.
According to reports, the new, unnamed method for banking communication among ACU members was designed by the Central Bank of Iran (CBI).
Along with the top representatives from the ACU member states, the conference also included the governor of the Russian central bank, representatives from Afghanistan, and Belarus.
Last week, applications for membership in the ACU were submitted by Belarus and Mauritius.
Mohammad Reza Farzin, the governor of the CBI, disclosed that the bloc would look to expand its membership and vary the payment methods it accepts in order to support a more comprehensive de-dollarization drive.

Zimbabwe interested in SWIFT alternatives

The Zimbabwean government would like to become a member of the BRICS economic bloc, the speaker of the ruling party ZANU-PF said on Wednesday.
"We made it clear that we would like to become a member of the BRICS," Christopher Mutsvangwa told Russia's RIA Novosti news agency.
The official added that his country is interested in developing alternatives to the Western-dominated SWIFT payment network.
In his view, BRICS could contribute to that.

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