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National Bank of Kyrgyzstan launches first special regulatory regime

By the resolution of the National Bank’s Payment System Committee, a special regulatory regime was created for M Bulak Microcredit Company LLC. Bank’s website reports.

The company will test the issue of pre-issued limited functional credit cards of Elcard national payment system for issue of loans in non-cash form and acquiring of Elcard cards through POS terminals / QR codes. In particular, they will be able to conclude agreements with trade and service enterprises for installation of POS terminals / use of QR codes and acceptance of Elcard cards as a means of payment for goods, works and services sold, as well as for ensuring settlements with trade and service enterprises under agreements with commercial banks and / or operators of electronic money settlement systems.

The special regulatory regime will work from November 2, 2020 to October 29, 2021.

Participants of the special regulatory regime are M Bulak Microcredit Company LLC and Interbank Processing Center CJSC.