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Problems with Mobilnik, QIWI. National Bank changes 3 documents

After problems with Mobilnik and QIWI payment operators, the National Bank of Kyrgyzstan tightened the requirements for payment organizations. Changes are made to three resolutions of the Board of the National Bank of the Kyrgyz Republic at once.

Amendments to draft resolutions of the Board of the National Bank on Approval of Instructions for Conducting Inspections of Payment System Operators and Approval of Regulations on Electronic Money in the Kyrgyz Republic were submitted for public discussion.

The National Bank of the Kyrgyz Republic also proposed a new version of the resolution approving the regulation on licensing the activities of payment system operators and payment organizations.

The amendments have been developed to provide payment system operators and payment organizations with uninterrupted operation, timely settlements and to prevent financial obligations to e-wallet holders, payment service consumers / agents / suppliers of goods / services.

In addition, changes are made to regulate issues related to the algorithm for conducting inspections in emergency situations, strengthening the requirements for officials, obtaining information about founders / shareholders and increasing the authorized capital depending on the criteria for determining the significance of payment systems.

Before submitting the documents for public discussion, the National Bank discussed the upcoming amendments with both the current operators of payment systems and mobile operators.

In mid-May, the National Bank of the Kyrgyz Republic revoked the licenses of MOBILNIK LLC and suspended QIWI licenses. At the end of January, terminals of Mobilnik LLC began to malfunction. A number of large companies refused its services. The National Bank of the Kyrgyz Republic suspended the licenses of Mobilnik.

In addition, from February 1 to March 7, 2019, the National Bank carried out an inspection of the work of the United System of Instant Payments LLC — QIWI payment operator. Since March 1, 2019, due to violation of the requirements of the regulatory legal acts of the National Bank by the payment operator, it was instructed to suspend the acceptance of payments and settlements in favor of third parties.

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