BAKU, Azerbaijan, October 11. The launch of
China’s Cross-Border Interbank Payment System (CIPS) will allow
Kyrgyzstan’s Eldik Bank to obtain the status of a regional hub for
yuan-denominated transactions, the Chairman of the Management Board
of Eldik Bank, Ulanbek Nogaev, said in an interview with Trend.
“Eldik Bank became the first bank in Central Asia to join CIPS
as a direct participant. This strategic move provides new
opportunities to conduct direct and instant yuan transactions with
Chinese counterparties and other member countries,” Nogaev
said.
According to him, integration into CIPS opens a direct channel
to the region’s largest economy – China. For the bank, this is a
strategic goal: to reduce transaction costs and processing times,
and to strengthen its role as a facilitator for Kyrgyz businesses
in international markets. Thus, Eldik Bank can participate directly
in cross-border transactions while maintaining competitiveness.
The bank’s chairman emphasized that one of Eldik Bank’s
priorities is expanding its client base by offering new
international payment capabilities. The ability to operate directly
in yuan makes the bank more attractive to corporate clients trading
with China, as well as to individual entrepreneurs.
“Finally, this also provides CIPS infrastructure access to other
banks in Kyrgyzstan. Eldik Bank plans to act as a correspondent
bank for other financial institutions in Kyrgyzstan and neighboring
countries. This will allow the bank to establish itself as a
regional hub for yuan transactions, enhance the resilience and
scale of its payment ecosystem, and strengthen partnerships with
local and international banks. This step will reinforce Eldik
Bank’s position as a systemically important institution and a
leader in financial innovation,” Nogaev added.
He noted that joining CIPS brings significant benefits to
Kyrgyzstan. Firstly, it accelerates payment execution by
eliminating intermediary banks, reducing delays, and increasing
operational efficiency. Secondly, using CIPS lowers costs
associated with international transfers, making transactions more
economically advantageous for market participants.
“Moreover, direct interaction with CIPS infrastructure enables
real-time gross settlement (RTGS) almost around the clock, five
days a week. This ensures high availability and reliability of
cross-border payments. CIPS thus improves the quality and
efficiency of international settlements for Kyrgyzstan, creating
faster, more accessible, and more transparent conditions for
financial operations,” Nogaev said.
The official highlighted plans to involve regional banks in this
initiative.
“As for timing, we expect the first steps to be taken by the end
of 2025. We are confident that joint efforts will successfully
implement the system and create convenient conditions for all
participants,” he added.
Nogaev also noted that amid growing trade turnover between
Kyrgyzstan and China, expanding and diversifying financial
instruments is especially important and will positively impact
economic and trade relations with China and other regional
countries.
“Integration with CIPS will create favorable conditions for
sustainable economic growth and strengthen Kyrgyzstan’s trade
relations on the international stage,” he said.
He stressed that the CIPS launch fully aligns with Eldik Bank’s
overall development strategy and its plans to enhance international
relations. Direct participation in CIPS provides the bank with
unique opportunities to expand its service offerings, particularly
in yuan (RMB) payments.
“To date, more than 1,500 indirect participants are registered
in the system worldwide, representing significant potential for
expanding the client base and establishing new business
connections,” Nogaev said.
The bank’s official emphasized that servicing such participants
via CIPS will allow Eldik Bank to strengthen its position in the
international market and enter new areas of cooperation.
“Participation in CIPS is a strategic step that supports Eldik
Bank’s further development, expansion of its international
presence, and reinforces its role as an important financial player
in the region and beyond,” concluded the chairman.
In September 2025, Eldik Bank became the first bank in Central
Asia to join China’s CIPS as a direct participant.
