More than just payments: BRICS sci-tech cooperation sees solid results

BRICS Pay has become a new buzzword on the internet, as people share videos of making purchases using a QR code-based mobile app built on a new payment system.

The decentralized and inclusive nature of the system has piqued the interest of many on social media.

The development of this technology can be traced back to 2019, when the BRICS countries decided to establish a unified payment system. In addition to the convenient app that individuals use, the system includes a mechanism for countries to notify one another about cross-border payments.

This decentralized technology could also help BRICS countries reduce their reliance on specific foreign currencies, thereby enhancing their financial independence.

This is just one example of BRICS promises coming to fruition.

Another area of active BRICS cooperation is space exploration. China is sharing many of its achievements in space with BRICS countries to benefit more people.

In late 2023, China launched a new platform to share remote sensing data with other countries, helping fellow BRICS members monitor natural calamities. Marco Antonio Chamon, president of the Brazilian Space Agency, told CGTN that his country and China have "a fantastic and very fruitful collaboration," and the agency plans to explore more space projects with China.

The BRICS countries are also working together to accelerate industrialization. In late 2023, the China-BRICS Science and Innovation Incubation Park for the New Era was launched in east China's Xiamen City. Representatives of the park held a promotion event in Russia in early October to attract more potential partners, showcasing 13 tech achievements and BRICS cooperation projects. Over 300 Russian enterprises attended the event.

Moreover, the BRICS Industry Innovation Contest 2024 concluded in September. Over the past five years, the contest attracted over 5,000 teams from over a dozen countries, promoting exchange in industrial technology among BRICS nations.

BRICS countries have also established cooperation mechanisms for cutting-edge technologies like artificial intelligence (AI). China has set up a China-BRICS countries AI development and cooperation center with the aim of strengthening industrial synergy and capacity building.

(Cover via BRICS Pay website.)