The Asian Exchange Association has announced the development of a new interbank messaging system that is planned to replace SWIFT, with the rollout slated for June. This update comes from a statement reported by the Iranian portal Kayhan, which quoted Muhsin Kerimi, head of the Central Bank’s International Relations Department, during the 51st gathering of the Asian Stock Exchange Association.
Kerimi explained that the Asian Exchange Association, an alliance spanning nine nations, has agreed to introduce an interbank messenger designed to supersede the SWIFT framework in the upcoming month. He also indicated that membership could be extended to more Asian economies, including Arab nations such as Syria, through the Asian Exchange Summit process.
According to Kerimi, the SWIFT analogue would be exclusive to member states of the Asian Exchange Union. Nevertheless, its envisioned capabilities are so robust that the system is expected to satisfy every function once served by SWIFT, ensuring continuity and security for cross-border financial communications among participating countries.
Kerimi further noted that central banks within the member countries of the Asian Currency Association are examining the potential use of digital currencies to facilitate bilateral and multilateral trade. While cryptocurrencies themselves are not being promoted, the working groups have already confirmed that certain trading platforms will conduct transactions using digital currencies, signaling a gradual shift toward tokenized value and digitized settlement within the region.
Meanwhile, on May 26, the Russian publication Vedomosti reported remarks from Roman Chernov, the managing director of Rosfincom, the Russian National Association of Financial Communication Participants. The report stated that approximately 30 Russian banks participate in CIPS, China’s national wire transfer system. CIPS acts as a local analogue to international interbank messaging, enabling the transmission of information and processing of payments outside the traditional SWIFT network. This development underscores growing regional interest in diversified payment rails and the integration of cross-border settlement networks in Eurasia.