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Diamars, 3 October 2023 AWEMainta BUSINESS & FINANCE 31

BRICS Forges Ahead with Creation of

Alternative Global Payment System

IN a significant move following its recent expansion to systems that reduce their reliance on the Western financial

include six countries, the BRICS alliance is actively working framework.
on the development of a global payment system as a coun-
terbalance to Western dominance. Reports indicate that the As BRICS strengthens its unity and expands its influence,
alliance is in the process of creating its own international the creation of an alternative global payment system serves

payment network, offering an alternative to the Society as a testament to its determination to reshape the global
for Worldwide Interbank Financial Telecommunications economic landscape and assert its independence from
(SWIFT). Western financial structures.

Anton Siluanov, Russia’s Finance Minister, has confirmed
that discussions are underway within the economic alliance
to establish this alternative system. The primary objective is
to facilitate the ongoing de-dollarization efforts within the

bloc and reduce reliance on Western influences in global
financial settlements.

The BRICS alliance’s remarkable growth over the past year

has undoubtedly marked a significant geopolitical develop-
ment. With its recent expansion, which was formalized last
month, the alliance is beginning to witness the real-world
consequences of its actions.

At the core of these developments is the creation of a
BRICS-led global payment system, aimed at providing an
alternative to the Western-dominated SWIFT network. This
initiative aligns with the alliance’s broader goal of fostering

a multipolar world order, diminishing the influence of any
single global power.

Russia’s Finance Minister explained, “We are in the process

of implementing our financial information transmission
system. Other BRICS nations are either developing their
own systems or already have them in place. Consequently,
this topic is currently under discussion.” Siluanov empha-

sized that this trend is set to continue, signaling the BRICS
nations’ commitment to establishing independent financial