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Aktif Bank Becomes First Turkish Lender to Join China's CIPS Network
(MENAFN) Aktif Bank has become the first Turkish bank to join China's Cross-Border Interbank Payment System (CIPS), signing the agreement at the China International Fair for Investment and Trade (CIFIT).
The platform enables cross-border payments and settlements in Chinese yuan, cutting out the time and cost typically added by multi-currency conversion — a shift expected to benefit Turkish small and medium-sized enterprises as well as larger corporations, the bank's general manager told media.
Speaking on the sidelines of the fair, Aysegul Adaca Ogan said the system, built by the People's Bank of China (PBoC), is still relatively new but has expanded rapidly over the past five years as more foreign banks have signed on, with membership now topping 1,800 banks.
She said yuan-denominated transactions processed through CIPS now account for 28% of China's $6 trillion in foreign trade over the past five years, while trade between Türkiye and China has doubled over the same period, climbing from $25 billion to $50 billion.
"With rising yuan payments in Chinese foreign trade and the growing demand for yuan payment systems in Türkiye, joining this platform has been a viable opportunity for us," she said.
Ogan added that Aktif Bank will extend access to its digital banking platform so that SMEs can process payments directly through CIPS.
"We have over 1,300 banks worldwide, and we want to expand our corridor to include regions like China after Europe and the Americas, after closely monitoring opportunities in the Chinese market," she said.
"We're the only Turkish bank at the fair's pavilion and our presence here today is an important step in our long-term strategy," she added.
The platform enables cross-border payments and settlements in Chinese yuan, cutting out the time and cost typically added by multi-currency conversion — a shift expected to benefit Turkish small and medium-sized enterprises as well as larger corporations, the bank's general manager told media.
Speaking on the sidelines of the fair, Aysegul Adaca Ogan said the system, built by the People's Bank of China (PBoC), is still relatively new but has expanded rapidly over the past five years as more foreign banks have signed on, with membership now topping 1,800 banks.
She said yuan-denominated transactions processed through CIPS now account for 28% of China's $6 trillion in foreign trade over the past five years, while trade between Türkiye and China has doubled over the same period, climbing from $25 billion to $50 billion.
"With rising yuan payments in Chinese foreign trade and the growing demand for yuan payment systems in Türkiye, joining this platform has been a viable opportunity for us," she said.
Ogan added that Aktif Bank will extend access to its digital banking platform so that SMEs can process payments directly through CIPS.
"We have over 1,300 banks worldwide, and we want to expand our corridor to include regions like China after Europe and the Americas, after closely monitoring opportunities in the Chinese market," she said.
"We're the only Turkish bank at the fair's pavilion and our presence here today is an important step in our long-term strategy," she added.
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