BRICS is a geopolitical alliance started by Brazil, Russia, India, China, and South Africa. As of 2024, Iran, Ethiopia, Egypt, and, the UAE have joined the alliance in an effort to strengthen their global influence. At their most recent summit, the bloc proposed an alternative international payment system called BRICS Pay. This is a decentralized system that would enable cross-border transactions among countries without relying on the U.S. dollar or Western financial systems (e.g. SWIFT)