Kazakhstan and China aim to integrate QR payments by year-end

Home > Newsroom > Top Stories > Kazakhstan and China aim to integrate QR payments by year-end

Kazakhstan and China aim to integrate QR payments by year-end

ASTANA. Aug 4 (Interfax) - Kazakhstan and China aim to complete integrating QR payments by the end of 2026, the National Bank of Kazakhstan said.

"Under a memorandum between the National Bank's National Payment Corporation and UnionPay International (UPI), a global subsidiary of China UnionPay for development of UnionPay products and services, QR payment integration between the two countries will be implemented by year-end," the regulator said following a working visit by a National Bank delegation to China.

The financial regulators of the two countries also agreed to launch a pilot project for settlements using the digital tenge and digital yuan, according to the statement.

"We agreed to integrate the digital tenge and the digital yuan on two complementary tracks, namely the multilateral mBridge platform [an international multi-currency platform for real-time cross-border payments and transfers using blockchain technology], and direct bilateral integration through CBETS [Cross-Border e-CNY Transfer Services]," National Bank Deputy Governor Binur Zhalenov, who participated in the talks, posted on social media, noting that the project should also be completed by the end of 2026.

The National Bank also discussed further steps with China's Cross-Border Interbank Payment System (CIPS) under a memorandum of understanding, including expanding the use of cross-border payment infrastructure, developing settlements in national currencies, and bolstering cooperation in international payments.

The Kazakh delegation held talks with the China Banking Association and top commercial banks on financing investment projects in Kazakhstan and issuing debt instruments.

"The Kazakh delegation proposed that Chinese banks expand their presence in Kazakhstan by opening subsidiaries. Given the existing presence of the Industrial and Commercial Bank of China in Almaty and the Bank of China, special attention was paid to increasing Chinese banks' participation in financing Kazakhstan's economy," according to the statement.

Kazakhstan also invited Chinese partners to invest in and develop the financial ecosystem of the Alatau city, highlighting opportunities in digital finance, AI projects, and attracting international investors.