Kyrgyzstan's Eldik Bank Takes Central Asia's Spot In Chinese CIPS Payment System

2025-09-10 07:05:51

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, September 10. Kyrgyzstan's Eldik Bank has become the first bank in Central Asia to join China's Cross-Border Interbank Payment System (CIPS) as a direct participant, Trend reports via the bank.

The move allows Kyrgyz businesses and individuals to make direct and instant yuan-denominated payments with Chinese counterparts and other CIPS participants, bypassing intermediaries. The system offers faster transactions, lower costs, and real-time clearing in yuan.

According to Eldik Bank, the new service is expected to simplify cross-border trade, improve transparency, and strengthen economic ties between Kyrgyzstan and China.

“Our participation in CIPS is part of the strategy to expand innovative solutions for clients and support international cooperation. Direct yuan settlements will make financial operations easier and increase the competitiveness of our clients,” Eldik Bank Chairman Ulanbek Nogaev said.

The bank added that it plans to offer indirect CIPS access to other financial institutions in the region in the future.

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