NBKR and IFC Discussed Key Directions for the Development of Digital Finance in Kyrgyzstan

Владислав Вислоцкий Economy
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NBKR and IFC discussed key areas of digital finance development in Kyrgyzstan

The National Bank of Kyrgyzstan, with the support of the International Finance Corporation (IFC), organized a roundtable on December 22 dedicated to the development of digital financial technologies in the country. Representatives from various organizations participated in this event, including the Non-Governmental Organization "Union of Banks of Kyrgyzstan," commercial banks, the Association of Virtual Asset Market Participants, the Association of Payment System Operators, as well as staff from the IFC and the Embassy of Switzerland in the Kyrgyz Republic.

During the discussion, current projects and trends in the field of digital finance were presented, with a focus on the development of digital payments, innovative payment solutions, and financial market infrastructure. Participants were also introduced to IFC research related to QR payments. Practical results of ongoing projects were discussed, along with challenges and opportunities for further fintech development, market trends in virtual assets, and regulatory issues.

Board Member of the National Bank S. Abdygaziev emphasized that the NBKR is actively working on creating regulatory and institutional conditions for the implementation of modern financial technologies. He also highlighted the need for close cooperation among all participants in the process — regulators, banking and non-banking institutions, fintech companies, and academic circles. Abdygaziev called for collaborative work on approaches to regulation and the development of innovative products, including the modernization of infrastructure and the introduction of new standards and technologies. In this context, the idea of developing a Fintech Development Strategy for the coming years was voiced.

In conclusion, participants noted the importance of maintaining regular dialogue and coordinating the efforts of all stakeholders to create a technologically advanced and sustainable ecosystem of digital finance in Kyrgyzstan.
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