Bishkek: 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. This strategic move, reported by Trend News Agency, allows Kyrgyz businesses and individuals to make direct and instant yuan-denominated payments with Chinese counterparts and other CIPS participants, effectively bypassing intermediaries.
According to Trend News Agency, the new service is anticipated to simplify cross-border trade, improve transparency, and strengthen economic ties between Kyrgyzstan and China. The CIPS platform offers faster transactions, lower costs, and real-time clearing in yuan, which is expected to greatly benefit users engaged in international trade.
Eldik Bank Chairman Ulanbek Nogaev stated, “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.”
The bank also announced plans to offer indirect CIPS access to other financial institutions in the region in the future, signaling a broader regional integration into the system.