Bank of China launches cross-border payment system in Turkey

Bank of China (Turkey) on Monday launched a cross-border interbank payment system (CIPS) to better serve customers.

The bank said in a statement that it would provide more convenient and efficient renminbi (RMB) financing for most Turkish banks and corporate customers through the CIPS.

The CIPS will reduce the inconvenience caused by geographical and time differences, provide diversified choices for local market entities, and promote the use of RMB in economic, trade, and investment cooperation between the two countries, the statement said.

The CIPS is a payment system offering clearing and settlement services for participants in cross-border RMB payments and trade.