Kyrgyzstan’s state-owned Eldik Bank has become the first bank in Central Asia to join China’s Cross-Border Interbank Payment System (CIPS) as a direct participant.
According to the bank, this strategic step opens up new opportunities for Kyrgyzstan to carry out direct and instant settlements in yuan with Chinese partners and other participants in the system, opening new business opportunities and strengthening economic ties between Kyrgyzstan and China.
CIPS offers faster and more transparent cross-border transactions, bypassing intermediaries and reducing costs, as well as direct clearing in yuan.
Eldik Bank plans to provide the service of connecting to CIPS as indirect participants for all banks in the Central Asian region.
Joining CIPS supports the growing trade and investment cooperation between Kyrgyzstan and China.
China remains one of Kyrgyzstan’s key trading partners, with more settlements conducted in yuan.
According to Kyrgyz statistics, trade between Kyrgyzstan and China grew by 44.7% in 2024 and reached $5.3 billion, with exports from Kyrgyzstan to China increasing to $2.04 billion, 93 times higher than in 2023.
