IBS and the central bank of Kazakhstan signed a strategic cooperation agreement


IBS, the subordinate facility of IZP Group, signed a strategic cooperation agreement with the Central bank of Kazakhstan in 28th of January, 2016. It achieved Kazakhstan’s bank card liquidation license, and it will establish Tenge - RMB clearing system in Kazakhstan. 

Kazakhstan adjacent to China, it is the key national hubs between Europe and Asia along OBOR. China and Kazakhstan have maintained profound friendship. China is Kazakhstan’s largest trading partner and Kazakhstan is China’s second largest trading partner in the CIS countries, the bilateral trade volume between China and Kazakhstan reached 17.2 billion in 2014. 


IBS obtained Kazakhstan’s bank card liquidation license, it will establish bank card liquidation network and clearing and settlement system in Kazakhstan, to issued personal credit card in there and the platform will also cover other Central Asian countries of Kazakhstan periphery in near further. 

While IBS construct Local currency - RMB clearing system in Kazakhstan, to serve a large number of Chinese enterprises in Kazakhstan with trade, business and investment business, to support directly Tenge - RMB clearing channels will reduce exchange rate risks and transaction costs of enterprises, it will reduce the time of liquidation and to enhance liquidation efficiency simultaneously.