Aktif Bank joins China's CIPS payment system

Aktif Bank has become the first Turkish bank to join China's Cross-Border Interbank Payment System (CIPS), a digital platform developed by the People's Bank of China for yuan-denominated transactions.

The agreement was signed during the China International Investment and Trade Fair (CIFIT) in Fujian province. This integration is expected to facilitate faster and more cost-effective yuan transfers for Turkish companies, reducing the need for intermediary currencies and lowering conversion costs.

Aktif Bank General Manager Ayşegül Adaca Oğan noted that the demand for yuan-based payment solutions is growing among Turkish producers and exporters. She highlighted that the trade volume between Turkey and China has risen from $25 billion to over $50 billion in the last five years. CIPS currently serves over 1,800 financial institutions globally, and the share of yuan-denominated payments in China's foreign trade has increased from 15% to 28% over the past five years.