Central Asian neighboring country Kyrgyzstan is studying the possibility of connecting state-owned banks to China's Cross-Border Interbank Payment System (CIPS).
The press office of the National Bank of Kyrgyzstan stated that Kyrgyzstan is considering the possibility of connecting state-owned banks to China's Cross-Border Interbank Payment System (CIPS), which is considered an alternative to the SWIFT system.
The message stated that on June 3, National Bank of Kyrgyzstan Governor Melis Turungbayev and Finance Minister Almaz-Bakyt Aydarbekov held talks in Beijing with Chinese Minister of Finance Lan Fuan. The meeting was held within the framework of deepening financial and economic cooperation between the two countries.
The press office said: "The main topic of the talks was the development of cross-border payment infrastructure and strengthening settlement and banking ties between the two countries. During the talks, both sides emphasized the strategic significance of establishing direct and stable channels of interaction between financial institutions of the two countries, especially promoting the connection of state-owned banks of Kyrgyzstan to China's Cross-Bank Interbank Payment System CIPS and opening accounts for Kyrgyz banks in authorized banks in China."
CIPS is a cross-border interbank payment system developed by the People's Bank of China. It is mainly used for cross-border RMB settlements and is considered an alternative to the SWIFT system.
Original article: https://www.toutiao.com/article/1833947659998216/
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