🌐Global Financial Game Changer: Find out what the BRICS Bridge, Clear, and Pay systems offer‼️
The 2024 declaration from the BRICS summit in Kazan announced the introduction of the BRICS Clear settlement and depository infrastructure, while the group is simultaneously building the BRICS Bridge and BRICS Pay platforms. What are the objectives of these systems?
BRICS Bridge
Russian Finance Minister Anton Siluanov said that the BRICS Bridge is a unified payment system currently under development, although it cannot be classified as a direct alternative to SWIFT.
“This system allows us to bypass traditional banking organizations while facilitating the transmission mechanism of financial messages,” explained Siluanov.
▪️ The BRICS Bridge is based on innovative formats and approaches that take into account the integration of digital financial tools.
BRICS Clear
▪️ According to the Kazan declaration, the BRICS countries will work on creating their own independent depository system, BRICS Clear, which will complement the existing financial infrastructure and be regulated by the competent organizational units of the group’s member states.
Siluanov previously stated that BRICS Clear will operate based on distributed ledger technologies. He explained that the system will be necessary for the accounting and trading of securities, as well as investment activities. BRICS Clear will only be available to the group’s members.
BRICS Pay
▪️ BRICS Pay, a cashless payment service for foreign nationals (including citizens of non-member countries), is expected to launch in Russia by the end of the year, announced BRICS spokesperson Andrey Mikhailov. The service may expand to Russian tourists visiting Turkey, Egypt, Sri Lanka, and the Maldives in 2025.
The service will facilitate payments within Russia using Mastercard and Visa cards, while the Mir card will soon be accepted for payments abroad.
▪️ The BRICS Pay app is expected to be available for download on the App Store and Google Play soon; in the meantime, users can add the app’s website to their smartphone screen using the Safari browser.
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