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National Bank to introduce innovations in banking and payment systems

The National Bank of Kyrgyzstan plans to introduce a special regulatory regime in order to introduce innovative services and technologies in the markets of banking and payment systems. Website of the National Bank of the Kyrgyz Republic says.

The draft regulations on special regimes were submitted for public discussion. They are designed to reduce barriers in introduction of innovative services and technologies in the banking and payment systems markets from both existing and new players.

As a result, this should lead to an increase in the availability of services, including in the regions, development of competition and a decrease in the cost of financial services, streamlining and control over innovations.

The draft regulations provide for procedure for creating special regulatory regimes and special requirements for issue of licenses in this area.

The implementation mechanism assumes that the National Bank decides to create a special regulatory regime. It is posted on the official website in the form of general information. The regulator, however, completely controls the process — from receiving applications and consulting to the moment of reporting on the completion of the project and testing.

The special regime is subject to special restrictions (territorial, by the number of customers, the size of obligations, and others). The procedure for creation and operation of special regulatory regimes, innovative banking operations are determined in accordance with the regulatory legal acts of the National Bank.

Within the framework of the restrictions, mandatory requirements for projects should be established, depending on the nature of the service offered and control over their implementation.

«Creation of special regulatory regimes will be carried out on the basis of applications from market participants on a voluntary basis. According to the positive results of testing of innovative services and technologies within the framework of the special regulatory regime, the National Bank initiates amendments to the legislation of the Kyrgyz Republic, if necessary,» the background statement says.