As the BRICS alliance grows, Brazil—this year's host—has taken a bold step to reduce reliance on the US dollar for trade. A Brazilian bank, now owned by a firm from the Chinese mainland, has become the first in Latin America to conduct transactions through the Cross-Border Interbank Payment System (CIPS), China's emerging network for international settlements.
With over 1,300 institutions in 110 countries already connected, CIPS offers a fast, secure gateway for cross-border payments. For Brazil and other BRICS members, this system could mean lower fees, faster settlements, and a chance to diversify away from traditional dollar-based channels.
Experts say that as BRICS expands its footprint, alternative systems like CIPS may reshape global finance, giving rising economies more control over their trade and currency flows. For young entrepreneurs and travelers, these trends signal fresh opportunities in fintech, international markets, and sustainable economic development.
Looking ahead, watch for further moves in digital payments as emerging-market alliances seek greater autonomy from established financial hubs.
Reference(s):
cgtn.com
