Uznabank has been designated as the first commercial bank in Uzbekistan to establish a direct connection with the China Cross-border Interbank Payment System (CIPS). This occurred during a visit by a delegation from Uzbekistan, led by Prime Minister Abdullah Aripov, to the Hong Kong Special Administrative Region on September 9th.
As part of this visit, Uznabank signed an agreement with the CIPS operator, Co., Ltd., for direct connection to China's Cross-border Interbank Payment System (CIPS). The signing took place during the sidelines of the 11th 'Belt and Road' Summit, which gathered representatives from state structures, leading global financial organizations, and business communities of both countries.
Thanks to this connection, Uznabank now has access to modern infrastructure for conducting direct cross-border settlements in yuan. The CIPS system unites over 1800 financial institutions from 130 countries and demonstrates a turnover exceeding 180.2 trillion yuan in 2025.
Direct participation in the system allows transactions to be conducted in yuan without the need for correspondent intermediaries. This, in turn, contributes to accelerating payment operations and reducing costs when dealing with foreign trade contracts, while also expanding opportunities for yuan operations. Uznabank has already attracted credit lines totaling over 11.5 billion yuan (equivalent to $1.6 billion).
In the future, the status of a direct participant will enable Uznabank to function as a clearing center for other commercial banks in Uzbekistan that use CIPS. This will help form a national channel for direct yuan settlements for the domestic banking sector and strengthen the bank's position as a key national hub and infrastructure center for cross-border settlements with China.
These achievements are viewed as a natural outcome of the consistent policy of the leadership of Uzbekistan and China, as well as a practical realization of agreements reached at the recent SCO Summit. This course toward deepening strategic cooperation is based on high rates of mutual trade growth, as China maintains its status as the republic's main trade and economic partner, striving towards the common goal of increasing trade volume to $30 billion.
Additional Information
AO "National Bank of Foreign Economic Activity of the Republic of Uzbekistan," established in 1991, is the country's largest systemically important bank. As of 2025, the bank's assets exceeded $12 billion, its loan portfolio reached $9.0 billion, and its total capital amounted to over $1.6 billion with a net profit of $160 million, which is one of the highest indicators in the republic's banking system.
The CIPS cross-border interbank payment system was launched by the People's Bank of China in 2015 to expand the international use of the Chinese yuan. Unlike the SWIFT system, CIPS not only facilitates the exchange of financial messages but also handles clearing and settlement directly in yuan. By the end of 2025, payments exceeding 180.2 trillion yuan were processed through this system, and it includes over 1800 financial institutions from more than 130 countries worldwide.
