Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s National Bank for Foreign Economic Activity, UzNatsBank, has become the country’s first commercial bank to establish a direct connection to China’s Cross-Border Interbank Payment System (CIPS), the bank said.
On 9 September 2026, during an official visit to Hong Kong by an Uzbek delegation led by Prime Minister Abdulla Aripov, UzNatsBank signed an agreement with CIPS Co., Ltd., the system’s operator, to establish a direct connection.
The agreement was signed on the sidelines of the 11th Belt and Road Summit, which brought together representatives of government agencies, financial institutions and business communities from the two countries.
The direct connection will allow UzNatsBank to conduct cross-border transactions in Chinese yuan without intermediary correspondent banks. This is expected to speed up payments and reduce costs associated with servicing foreign trade contracts.
CIPS connects more than 1,800 financial institutions in 130 countries. In 2025, payments worth more than 180.2 trillion yuan were processed through the system.
UzNatsBank has already attracted yuan-denominated credit lines exceeding 11.5 billion yuan, equivalent to US$1.6 billion.
In the future, its status as a direct CIPS participant will allow UzNatsBank to serve as a settlement centre for other commercial banks in Uzbekistan. This could facilitate the creation of a national direct yuan settlement channel and expand cross-border payment infrastructure with China.
Founded in 1991, UzNatsBank is Uzbekistan’s largest systemically important bank. At the end of 2025, its assets exceeded US$12 billion, its loan portfolio stood at US$9 billion, total capital exceeded US$1.6 billion, and net profit reached US$160 million.
CIPS was launched by the People’s Bank of China in 2015 to promote the international use of the yuan.
Unlike SWIFT, the system provides not only financial messaging but also clearing and settlement in yuan.
