NBK announces Kazakhstan to become central entry point for China's CIPS system
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Deputy Chairman of Kazakhstan's National Bank Binu Zhaleenov announced in Beijing that Kazakhstan will become the central entry point for China's Cross-Border Interbank Payment System (CIPS), with a launch scheduled for November 2026. The agreements also include mutual QR code payments by end-2026 and pilot settlements in digital tenge and digital yuan starting in 2027. The deals were reached after talks with the People's Bank of China and the Industrial and Commercial Bank of China (ICBC).
CIPS Entry Point and QR Payments
The National Bank confirmed Kazakhstan will operate as a service bureau for China's CIPS from November 2026, processing cross-border financial messages between the two countries. Mutual QR code payments will be enabled by end-2026, allowing consumers to pay in China and Kazakhstan using standard apps. The integration covers full interoperability of payment systems, a step aimed at reducing reliance on Western networks like SWIFT. Deputy Chairman Zhaleenov stated these timelines were finalized in Beijing.
ICBC as Settlement Hub
ICBC, the world's largest bank by assets, will handle clearing for international QR payments between Kazakhstan and China through its Almaty branch, opened in 1993. The bank will also participate in technological and urban development projects in Kazakhstan, including the Alatau city project near Almaty. Zhaleenov noted ICBC's role is critical for the transaction infrastructure.
Digital Currency Pilots
Pilot programs for settlements using digital tenge and digital yuan are set to begin in 2027, marking the first cross-border tests of central bank digital currencies between the two nations. The experiments will explore direct transactions without conversion to traditional currencies, potentially reducing costs and settlement times. The timeline was agreed upon with the People's Bank of China.
What's Next
The mutual QR payment system is expected to roll out by the end of 2026, with technical integration ongoing. However, scaling the digital currency pilots may face regulatory hurdles, as both countries work to align their legal frameworks for cross-border digital asset transactions.
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NBK announces Kazakhstan to become central entry point for China's CIPS system
