Aktif Bank has become the first Turkish bank to join China’s Cross-Border Interbank Payment System (CIPS), marking a step towards expanding financial ties between Türkiye and China.
The agreement was signed on the sidelines of the China International Fair for Investment and Trade (CIFIT). CIPS facilitates international payments and settlements in Chinese yuan, potentially reducing the time and costs associated with traditional multi-currency conversions.
The bank plans to make CIPS payments available through its digital banking platform, allowing small and medium-sized enterprises (SMEs) as well as larger companies to conduct yuan-denominated transactions more efficiently.
Growing yuan use creates new opportunities
Aktif Bank General Manager Aysegul Adaca Ogan said CIPS, developed by the People’s Bank of China, has expanded significantly over the past five years and now serves more than 1,800 participating banks.
She said yuan-denominated payments accounted for 28 percent of China’s foreign trade volume, worth around $6 trillion, over the past five years, while trade between Türkiye and China doubled from $25 billion to $50 billion over the same period.
“With rising yuan payments in Chinese foreign trade and the growing demand for yuan payment systems in Türkiye, joining this platform has been a viable opportunity for us,” Ogan said.
Aktif Bank targets wider global payment corridors
Ogan said the bank aims to expand its international payment network beyond Europe and the Americas, with China becoming an important part of its long-term strategy.
“We have over 1,300 banks worldwide, and we want to expand our corridor to include regions like China after Europe and the Americas, after closely monitoring opportunities in the Chinese market,” she said.
Ogan added that Aktif Bank’s participation in CIFIT as the only Turkish bank represented an important step in strengthening its presence in the Chinese market.
