Octobank and XJ Bank Agree to Expand Financial Partnership
On June 25, Octobank participated in the Conference on Financial and Business Cooperation between Xinjiang and Central Asian Countries, held in Ürümqi, the capital of the Xinjiang Uygur Autonomous Region. The event brought together banks, companies, and government agencies from China, Uzbekistan, and other countries in the region.
The conference served as a platform for discussing new formats of cooperation between China and its neighboring countries. The central theme focused on developing direct settlements, trade financing, and strengthening partnerships under the framework of the Belt and Road Initiative.
Representing Octobank at the conference, Sardor Shavkiev, Director of the Treasury Department, spoke about the bank’s collaboration with Chinese financial institutions and highlighted key priorities for businesses — including direct settlement channels, cross-border transfers, and support for exporters and importers.
As part of the event, Octobank held a meeting with representatives of XJ Bank (Xinjiang Bank). Over the past few years, Octobank’s partnership with XJ Bank has evolved to a strategic level, supported by correspondent accounts in both Chinese yuan and U.S. dollars, as well as active foreign exchange operations. During the conference, the two parties agreed to further expand their financial cooperation, which will include:
Documentary letters of credit and bank guarantees to support export transactions
Octobank’s participation as a dealer in Uzbekistan’s sovereign bond market
Establishing a legal framework for derivatives and currency swap operations.
“Our partnership with XJ Bank strengthens the financial ties between China and Uzbekistan. This collaboration opens new opportunities for companies operating internationally. Having a direct settlement channel with China gives both us and our clients a competitive edge: fewer intermediaries, faster processing, and greater flexibility. We're already seeing the impact on Uzbek exporters and importers — and that impact will grow as our cooperation deepens,”
said Sardor Shavkiev.
Octobank will continue working proactively to build a reliable financial infrastructure that supports foreign trade, attracts international liquidity, and expands opportunities for Uzbek companies in China and across Asia.
