Turkish Aktif Bank Joins China's Cross-Border Interbank Payment System (CIPS)

Aktif Bank has become the first Turkish bank to join China's Cross-Border Interbank Payment System (CIPS), a move expected to facilitate global payments and settlements in Chinese yuan. This participation aims to eliminate time and cost differences associated with traditional multi-currency conversions, benefiting Turkish small- and medium-sized enterprises (SMEs) and large corporations. The CIPS platform, developed by the People's Bank of China, has expanded significantly, serving over 1,800 banks globally.