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.
