Beijing | The BRICS group of developing nations is looking to challenge the SWIFT bank messaging system with its own network in a bid to circumvent Western sanctions while also reducing reliance on the US dollar.
Bank of China, WeChat and Alipay are understood to be among those to have signed up to support the new BRICS Pay, along with the Bank of India, Punjab National Bank and Brazil’s Banco do Brasil and Caixa. HSBC was included in marketing materials but a spokeswoman denied the bank was involved.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
