BRICS FinTech Working Group Convenes Third Virtual Meeting — CBDC Interoperability and Digital Payment Standards Discussed

The Reserve Bank of India (RBI) chaired the Third Meeting of the BRICS FinTech Working Group on May 13, 2026 in virtual format, a day after the companion BRICS Payment Task Force session. The working group, which operates parallel to the Payment Task Force under India's 2026 Finance Track, focused on fintech cooperation frameworks including digital payment interoperability, regulatory sandboxes for cross-border fintech experimentation, and the technical architecture for integrating BRICS member central bank digital currencies (CBDCs). The session addressed consumer protection standards and anti-money laundering compliance for emerging BRICS fintech corridors. Indonesia and China presented updates on their QRIS–digital yuan integration (live since April 30, 2026). India's RBI proposed extending UPI-based settlement to additional BRICS partner states ahead of the September 12–13 summit. The working group feeds into the BRICS Finance Ministers' Meeting preparation and the BRICS Pay pilot rollout scheduled for the 18th BRICS Summit in New Delhi.