Uzbekistan's National Bank becomes first Uzbek bank to join China's CIPS

September 13, 2026 at 09:45 AM2 min

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Uzbekistan's National Bank for Foreign Economic Activity (Uznatsbank) signed an agreement with CIPS Co., Ltd. on September 9, 2026, becoming the first Uzbek commercial bank with direct access to China's Cross-Border Interbank Payment System. The agreement was signed during Prime Minister Abdulla Aripov's official visit to Hong Kong on the sidelines of the 11th Belt and Road Summit. Direct participation will allow the bank to process yuan transactions without correspondent banks, cutting costs and speeding up payments.

Key Facts

Uznatsbank signed the CIPS direct participation agreement on September 9, 2026, during Prime Minister Abdulla Aripov's visit to Hong Kong.
CIPS connects more than 1,800 financial institutions from 130 countries and processed over 180.2 trillion yuan in payments in 2025.
Uznatsbank's yuan credit lines exceed 11.5 billion yuan, equivalent to US$1.6 billion.
Uznatsbank's assets surpassed US$12 billion in 2025, with a loan portfolio of US$9 billion and net profit of US$160 million.

Direct CIPS Access

Uznatsbank became the first commercial bank in Uzbekistan to obtain direct connection to China's Cross-Border Interbank Payment System (CIPS). The agreement was signed with CIPS Co., Ltd. on September 9, 2026, during Prime Minister Abdulla Aripov's official visit to Hong Kong. The signing took place on the sidelines of the 11th Belt and Road Summit, which brought together government officials, financial institutions, and business representatives from both countries. Direct participation enables Uznatsbank to conduct cross-border transactions in Chinese yuan without intermediary correspondent banks. This is expected to accelerate payment processing and reduce costs for foreign trade contracts.

CIPS Network Scale

CIPS was launched by the People's Bank of China in 2015 to expand the international use of the yuan. The system connects more than 1,800 financial institutions from 130 countries. In 2025, CIPS processed payments totaling over 180.2 trillion yuan. Unlike SWIFT, CIPS provides not only financial messaging but also clearing and settlement in yuan.

Uznatsbank Profile

Uznatsbank was founded in 1991 and is the largest systemically important bank in Uzbekistan. Its assets exceeded US$12 billion at the end of 2025, with a loan portfolio of US$9 billion. Total capital stood at more than US$1.6 billion, and net profit reached US$160 million. The bank's yuan credit lines already exceed 11.5 billion yuan, equivalent to US$1.6 billion. In the future, direct CIPS participant status will allow Uznatsbank to act as a settlement center for other commercial banks in Uzbekistan.