National Bank of Kyrgyzstan plans to regulate marketplaces

09:41, 10 июня 2022, Bishkek - 24.kg news agency , Tatyana KUDRYAVTSEVA

The National Bank of Kyrgyzstan adopted a provision on the regulation of access to financial services through financial platforms (marketplaces) using open software interfaces. Website of the bank says.

The press service of the bank told 24.kg news agency that the document was adopted to implement the national development program of Kyrgyzstan until 2026 and the concept of development of financial platform. Marketplaces will allow uniting financial market participants to provide services and create products, develop competition, increase the convenience, transparency and efficiency of receiving services by clients in the «single window» mode, including using chat bots, file applications for financial services through a personal account.

There are no statistics on marketplaces in the republic now. After the entry into force of the resolution on the regulation of this segment, the National Bank of the Kyrgyz Republic will maintain a register of providers of these services after receiving notification of the start of the financial platform operator service from interested participants.

«The document determines the participants who can become operators of the financial platform services (marketplace), the list of services on the platform and the requirement for consumer protection. Requirements have been established for the service operator and financial service providers that can exchange information through open APIs. As for consumers, this platform will create conditions for receiving financial services on one financial platform through a «single window,» the National Bank said.