Bishkek, Sept. 11, 2025 /Kabar/. Kyrgyzstan’s Eldik Bank became the first in Central Asia to launch the Chinese cross-border interbank payment system CIPS (Cross-Border Interbank Payment System) as a direct participant.
This strategic step opens up new opportunities for Kyrgyzstanis to make direct and instant payments in yuan with Chinese counterparties and other countries participating in the system, opening up new business opportunities and strengthening economic ties between Kyrgyzstan and China.
The CIPS system not only provides faster and more transparent transactions compared to traditional methods of cross-border settlements, bypassing the chain of intermediaries and reducing costs, but also carries out direct clearing in yuan. This allows system participants to make settlements directly through the central CIPS infrastructure, increasing the reliability, speed and efficiency of settlements at the global level.
Significant advantages: cross-border settlements in real time, significant reduction/zeroing of costs, increased transparency and expansion of business tools in the Chinese market.
Chairman of the Board of Eldik Bank OJSC Ulanbek Nogaev noted: “The launch of CIPS in Eldik Bank is part of our strategy to develop innovative solutions for clients and promote international cooperation. Direct settlements in yuan will significantly simplify financial transactions, increase the competitiveness of our clients and contribute to strengthening bilateral economic ties between Kyrgyzstan and China.”
Eldik Bank remains a reliable partner for business, implementing modern technologies and offering effective financial solutions that meet the needs of a dynamically developing economy.
In the future, Eldik Bank plans to provide the service of connecting to the CIPS system as an indirect participant for all banks in the region.