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BRICS Push for De-dollarization: mBridge, CIPS, SPFS Emerge as SWIFT Alternatives

Intl. RelationsEconomyCORE
Target:UPSC GS-IIMPSCBankingSSC GATeachingPrelims HighMains HighStatic GK Link
19 Sept 2026
~2 min
Source: The Hindu
Key Data:679.8 billion yuan CIPS daily volume (2025)$98.7 billion$1.9 trillion Chips daily440 SPFS members (2023)96% rupee-rouble trade22 Russian banks
Bodies:Bank for International Settlements (BIS)People's Bank of ChinaHong Kong Monetary AuthorityBank of ThailandCentral Bank of the United Arab EmiratesSaudi Central BankSberbankRussian central bankCentral Bank of Iran
Practice MCQs from today's news ▸
What This Article Covers

1.BRICS nations, led by China and Russia, are actively developing alternatives to SWIFT to bypass US financial sanctions and de-dollarize trade.

2.Key alternatives include Project mBridge (multi-CBDC platform), CIPS (China's yuan-based system), and SPFS (Russia's system linked to Iran's SEPAM).

3.India-Russia bilateral trade now uses 96% rupee-rouble settlement, with 22 Russian and 17 Indian banks servicing trade; India proposed CBDC linkage at BRICS summit but not in declaration.

The Big Picture
Prelims · HighMains · High

The US weaponization of the dollar through SWIFT sanctions is driving BRICS and the Global South to develop alternative payment systems like mBridge (CBDC), CIPS (yuan), and SPFS (rouble). This shift could reshape global financial architecture and impact India's trade, especially with Russia. Understanding these systems is crucial for international relations and economy questions in exams.

Exam Lens

Quick Exam Facts From News

SWIFT AlternativesmBridge (CBDC), CIPS (Yuan), SPFS (Rouble), SEPAM (Iran)
mBridge TimelineLaunched 2019; BIS exited Oct 2024; attained minimum viability in 2024
CIPS Daily Volume (2025)679.8 billion yuan ($98.7 billion) vs Chips $1.9 trillion
SPFS Members (2023)440 entities (100+ non-residents)
India-Russia Trade Settlement96% in rupee-rouble

1-Minute Revision

  • ›SWIFT Alternatives: mBridge (CBDC), CIPS (Yuan), SPFS (Rouble), SEPAM (Iran)
  • ›mBridge Timeline: Launched 2019; BIS exited Oct 2024; attained minimum viability in 2024
  • ›Target this Data: 679.8 billion yuan average daily CIPS transaction in 2025
  • ›Target this Nodal Body: Bank for International Settlements (BIS) - exited mBridge in Oct 2024
  • ›Target this Legal Point: US Senate empowered President to impose 100% tariffs on countries buying Russian oil/gas
  • ›Target this Percentage: 96% of India-Russia bilateral trade settled in rupee-rouble

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageEasy

Which international financial institution exited Project mBridge in October 2024?

Q2Statement-basedHard

Consider the following statements:

1. CIPS is backed by the People's Bank of China.

2. SPFS was developed by Russia in 2014 to bypass Western sanctions.

3. The New Delhi Declaration of BRICS explicitly endorsed CBDC linkage for cross-border payments.

Which of the statements given above is/are correct?

Q3Data-centricMedium

According to the article, what was the average daily transaction value processed by CIPS in 2025?

Q4Application/ImpactMedium

What is the primary reason driving Global South countries to develop alternatives to SWIFT?

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