China and Kazakhstan are expanding cooperation in the financial sector. Representatives of Kazakhstan’s National Bank, Agency for Regulation and Development of the Financial Market (ARDFM) and National Payment Corporation of Kazakhstan held a series of meetings with representatives of the People’s Bank of China, the National Financial Regulatory Administration, the Cross-border Interbank Payment System (CIPS), the China Banking Association and the country’s major commercial banks.
Binur Zhalenov, deputy governor of the National Bank of Kazakhstan, outlined the results of the negotiations.
One of the key outcomes was the signing of a new three-year bilateral currency swap agreement between the National Bank of Kazakhstan and the People’s Bank of China, with an option for extension. According to Zhalenov, the agreement is expected to strengthen the foundation for trade and investment, as well as expand the use of the tenge and the yuan in bilateral settlements.
In addition, the sides agreed to advance the integration of the digital tenge and the digital yuan. Two complementary approaches are planned: through the international mBridge platform and through bilateral integration via the CBETS system. Pilot projects are expected to launch before the end of 2026.
Furthermore, QR payment integration between Kazakhstan and China is expected before the end of 2026. Work is underway following agreements reached between the National Payment Corporation of Kazakhstan and UnionPay International. The initiative is expected to make cashless payments more convenient for citizens and businesses in both countries.
Another area of cooperation will be the development of cross-border payments. As part of cooperation with China’s CIPS payment system, Kazakhstan’s national payment infrastructure is expected to provide centralized access to the network for domestic financial institutions. The approach is expected to simplify banks’ connection to the network, reduce infrastructure fragmentation and expand settlements in national currencies.
During the meetings, the sides also discussed greater participation by Chinese financial institutions in financing Kazakhstan’s economy, the possibility of issuing yuan-denominated debt instruments and increasing the presence of Chinese banks in the Kazakhstani market.
The Kazakhstani side also proposed that its Chinese partners consider participating in investment projects and the development of the city of Alatau as a future center for digital finance, artificial intelligence and international capital.
According to Zhalenov, the next stage will be implementing the agreements reached across all areas of cooperation.
