Eldik Bank Launches China's CIPS Payment System

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 move opens new opportunities for Kyrgyzstanis to conduct direct and instant settlements in yuan with Chinese counterparties and other participating countries in the system, creating new business prospects and strengthening economic ties between Kyrgyzstan and China.

The CIPS system not only provides faster and more transparent transactions compared to traditional cross-border payment methods by bypassing intermediaries and reducing costs but also facilitates direct clearing in yuan. This allows system participants to settle payments directly through the central CIPS infrastructure, enhancing reliability, speed, and efficiency of transactions on a global scale.

Key advantages include real-time cross-border settlements, significant reduction or elimination of costs, increased transparency, and expanded business tools for the Chinese market.

Chairman of the Board of Eldik Bank, Ulanbek Nogaev, noted: “The launch of CIPS at 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 operations, increase the competitiveness of our clients, and contribute to strengthening bilateral economic ties between Kyrgyzstan and China.”

Eldik Bank remains a reliable partner for businesses by 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 access to the CIPS system as an indirect participant for all banks in the region.