The newly established Alma Finance Bank intends to link the KGS and the yuan through direct settlements

The chairman of the board of the newly established Alma Finance Bank, Mr. Wang Xin, announced his intention to build a platform in Kyrgyzstan for technological transfers and settlements in Chinese yuan. He made this announcement during a business breakfast organized by the Russian-Kyrgyz Development Fund with the participation of representatives from the financial sector.

"We position ourselves in the market as a bridge between China and Kyrgyzstan in the field of settlements in Chinese yuan. We will also develop a platform for technological transfers," Wang Xin said.

According to him, the bank intends to expand the availability of cash in the republic and strengthen its operational infrastructure, as it did last year.

The head of the bank paid special attention to funding issues. He stressed that the cost of borrowing in Kyrgyzstan remains high, with market rates reaching 30%, while in China they range from 2% to 4%.

“We are interested in developing direct conversion operations between the KGS and the Chinese yuan, as well as entering the financial markets of Hong Kong and mainland China,” he said.

In addition, Wang Xin noted the support of the National Bank of Kyrgyzstan's position on increasing the transparency of cross-border transfers between Kyrgyzstan and China.