The National Bank of the Kyrgyz Republic (NB KR) has presented a draft of new rules regarding the operation of financial marketplaces. The main goal of the document is to regulate the activities of digital platforms, implement unified technological API standards, and enhance the protection of users' personal data.
According to a statement from the financial regulator's press service, the proposed rules will replace the provisions that have been in effect since 2022 and create more transparent conditions for the registration and operation of operators through a "single window".
A draft resolution of the NB KR Board on the "Rules for the Creation and Operation of Financial Platforms (Marketplaces) in the Kyrgyz Republic" has been put out for public discussion.
This document is intended to define clear rules for the launch and development of financial services on platforms in the country. The main areas of focus for the new regulation include:
ensuring a stable, transparent, and secure regulatory framework for financial platforms;
stimulating a competitive environment in the financial market;
protecting the rights of consumers of financial services.
As indicated in the explanatory note to the draft, the initiative to develop the resolution arose due to the growth of digital financial technologies and the need to improve fintech solutions, including requirements for anti-fraud systems, a transition to digital documentation, and the protection of personal data. It was also noted that there were no norms regarding the timelines and conditions for the registration of financial platform operators.
The NB KR Board has decided:
to approve the Rules for the Creation and Regulation of Financial Platforms (Marketplaces) in Kyrgyzstan;
to annul the previous resolution on regulating access to financial services through platforms, which has been in effect since June 2, 2022.
According to part 1 of article 17 of the KR law "On Regulatory Legal Acts in the Kyrgyz Republic," the new regulation will be presented in an updated form under the title "Rules for the Creation and Regulation of Financial Platforms (Marketplaces) in the Kyrgyz Republic".
Within the framework of the new document, the following will be established:
requirements for financial platform operators;
the procedure and timelines for the consideration of their documents by the NB KR;
grounds for the registration or refusal of registration of financial platform operators (marketplaces).
These changes will make the operation of financial platforms more transparent and improve the assessment of their activities.
"The document also proposes to establish requirements for the disclosure of information by financial platform operators, which will increase the level of awareness among consumers and market participants, as well as strengthen trust in platforms as intermediaries in the financial sector," the explanatory note states.
Particular attention is paid to the requirements for API standards for interaction with financial service providers.
The existing regulation does not provide sufficient detail, leading operators to offer limited integration interfaces. This complicates interaction with financial organizations, reduces system compatibility, and limits the scalability of services. The introduction of unified API standards will create a standardized approach to integration, improve service quality, and promote competition and innovation," the document states.
One of the key aspects is the protection of information and personal data of clients. In the context of increasing cyber threats, the requirements for financial platform operators will be tightened to ensure the confidentiality, integrity, and availability of data. These measures will help increase user trust in digital financial services and reduce cybersecurity risks.
The draft resolution also specifies:
requirements for documents for the registration of financial platform operators in the NB registry;
types of informational and financial services on the platforms;
requirements for the placement of information about financial services;
requirements for information protection on financial platforms.
Financial platform operators may provide the following informational services:
dissemination of information about financial services from providers, including exchange rates, tariffs, and interest rates;
services for the purchase and sale of official gold bars;
information about other properties for sale in accordance with the legislation of the KR.
All transactions with monetary funds will be carried out only through financial service providers on the platform, without the operator's involvement in these transactions.
This initiative affects the activities of financial platform operators, banks, microcredit and microfinance organizations, as well as payment system operators providing services through platforms.
Analysis of international practices shows the absence of a single global standard, but several common strategies are identified that facilitate countries' adaptation to digitalization.
At the same time, it is emphasized that the adoption of new rules will not lead to negative social, economic, or legal consequences.
The full text of the draft resolution can be found at the link.
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