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Altyn Bank has become an indirect participant of the Chinese payment system CIPS
Altyn Bank (Subsidiary Bank of China CITIC Bank Corporation Ltd) has joined the Chinese Cross-Border Interbank Payment System (CIPS). The system is designed for international settlements in Chinese yuan and allows foreign market participants to make payments in yuan directly with Chinese partners.
The bank joined CIPS as an indirect participant. Major shareholder of the bank, China CITIC Bank Corporation Ltd., being a direct participant of CIPS, provides the indirect participation for Altyn Bank.
“This step allows us to introduce to our customers in Kazakhstan the financial services similar to those offered by China CITIC Bank’s to its clients in China„, emphasized Marat ALMENOV, CEO of Altyn Bank. Participation in CIPS will help our customers, both legal entities and individuals, to quickly and efficiently make payments in Chinese yuan by saving the time for remittances and reducing transaction costs„.
Altyn Bank JSC (Subsidiary Bank of China CITIC Bank Corporation Ltd), former Subsidiary Bank of HSBC Bank Kazakhstan JSC, has been present in Kazakhstan financial market for more than 20 years. Altyn Bank is a universal commercial bank servicing corporate and retail customers, ranks 13th in terms of assets and has the highest ratings (Fitch - “BBB-„, Moody’s - “Ba1„) among commercial banks in Kazakhstan. Altyn Bank launched the first full-scale digital bank Altyn-i in Kazakhstan with a full range of financial services for individuals. It has 5 branches in Almaty, Astana, Atyrau, Aktau, AIFC and 2 additional branches in Almaty.
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