Iran has launched ACUMER, a new banking platform designed to circumvent international sanctions and enhance trade with Asian partners.

Farzin, speaking at the 11th Annual Modern Banking and Payment Systems Conference, said the ACUMER system, designed for Asian countries, became fully operational on October 2nd.

Iran’s Central Bank has been pursuing de-dollarisation plans to break away from the Belgium-based SWIFT system in recent years. Tehran has been openly developing an alternative to SWIFT, which is used by the members of the Asian Clearing Union, of which Iran and India are members.

"We have abandoned SWIFT and replaced it with ACUMER," Farzin said, explaining that the new system follows SWIFT standards but is designed to be sanctions-proof. The system currently facilitates transactions with members of the Asian Clearing Union, including India and Pakistan.

Addressing Iran's broader international financial strategy, Farzin highlighted the country's growing engagement with BRICS nations. "We've strengthened our BRICS cooperation, which plays a significant role in global trade. The BRICS strategy through 2025 focuses on four key areas, with increasing local currency usage being a primary objective," he said.

The introduction of ACUMER follows the revitalisation of APEC, whose secretariat was relocated to Iran. This move has strengthened Iran’s interactions with key member states, including India and Pakistan, reinvigorating the union after years of limited activity. Farzin expressed optimism that ACUMER would facilitate expanded financial ties within the APEC framework, thereby supporting Iran’s economic resilience amid ongoing sanctions.

Iran has also proposed mutual recognition of credit ratings among BRICS members and suggested that a newly established institution within BRICS could be responsible for credit ratings.

The governor also revealed plans for an imminent launch of a digital rial, with pilot programmes already underway on Kish Island. "The digital rial is currently being tested at Bank Mellat, Bank Tejarat, and Bank Melli, with five more banks set to join the programme," he said.

The central bank has also established direct payment connections with Russia, connecting Iran's Shetab payment system with Russia's Mir network. "We expect Russian tourists to be able to use their cards in Iranian shops by winter, with Iranian tourists gaining similar access in Russia by early next year," Farzin added.

Regarding cryptocurrency regulations, Farzin revealed that Iranian crypto exchanges process approximately 10mn monthly transactions, worth about IRR35 trillion. He announced that new cryptocurrency regulations are awaiting approval from the Supreme Council.

The governor also addressed cybersecurity concerns, noting an increase in cyber attacks on the banking network over the past two years. "We've taken measures to enhance network stability, though more work is needed," he said.