Trade, Fintech, and Green Initiatives: How Octobank Is Expanding Cooperation with China
Octobank was one of the few institutions from Central Asia to participate in the China International Financial Exhibition, a major global event for the financial industry. From June 18 to 20, Octobank held in-depth discussions at its exhibition booth with representatives of fintech companies, payment systems, and leading international banks. The talks focused on cross-border settlements, the development of digital infrastructure, and support for foreign economic activity.
Meeting with the Leadership of CIPS
On the sidelines of the event, Iskandar Tursunov, Chairman of the Management Board of Octobank, met with Mr. Huang Fu, head of the Cross-Border Interbank Payment System (CIPS). The meeting centered on developing yuan-based payment infrastructure in Central Asia, exploring the potential for direct business connectivity to CIPS, and discussing further collaboration. The parties agreed to hold the next round of talks in Uzbekistan.
“China is one of Uzbekistan’s most important international trade partners. We are committed to strengthening cross-border settlements, advancing digital infrastructure, and supporting businesses engaged in Uzbek-Chinese trade. We welcome joint projects and knowledge exchange,” said Iskandar Tursunov.
Bank Presentation at Business Session and Chinese Media Coverage
Octobank representative Ms. Li delivered a presentation at the business session, showcasing the bank’s activities and achievements. The presentation summarized key performance indicators for Q1 2025 and outlined strategic development priorities. In the first quarter alone, Octobank reported a net profit of USD 8.4 million, increased its total capital to USD 67.6 million, and achieved a return on equity (ROE) of 49.7%. The bank’s total assets reached USD 315.1 million, and the Octobank brand is currently valued at USD 30 million, with its financial stability confirmed by Moody’s and S&P.
Ms. Li also gave interviews to major Chinese media outlets, including CCTV, Xinhua News Agency, Shanghai TV, Finance, and Securities Daily. She highlighted Octobank’s strategic focus on expanding trade between China and Central Asia, promoting yuan-based settlements, fostering technology partnerships, and engaging in environmental projects.
Octobank held negotiations with several major Chinese banks, including Bank of China, China Merchants Bank, Bank of Ningbo, China Postal Savings Bank, China Zheshang Bank, Bank of Xinjiang, Bank of Jiangsu, and Zhejiang Chouzhou Commercial Bank. Discussions were also held with international institutions such as Aktif Bank (Turkey), African Export-Import Bank, Standard Bank (South Africa), HSBC (UK), Bangkok Bank (Thailand), TransBank (Mongolia), and Bank Mandiri (Indonesia).
Key joint project areas discussed include:
Establishing a Central Asian Fund for Technological Innovation;
Issuing a panda bond to finance a wind energy project;
Co-developing a blockchain platform with Ant Chain to facilitate digital export settlements;
Localizing the CIPS interface in Russian and Uzbek languages.
About CIPS
The Cross-Border Interbank Payment System (CIPS) is a global payment infrastructure developed by the People’s Bank of China. It enables direct yuan-denominated settlements between countries, bypassing the need for correspondent banks. Currently, CIPS connects over 170 direct participants and 1,500 indirect participants across more than 180 countries.
Octobank views CIPS as a key instrument in its strategy to strengthen economic ties between China and Central Asia.
