«Given the dynamic development of financial technologies, it is necessary to accelerate the development of the digital infrastructure of banking services, introduction of innovative banking operations and digital payment technologies,» the Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov said at the International Financial Forum in Bishkek.
According to him, now Kyrgyzstan can firmly say that it has three main factors that allow it to pursue a policy aimed at development of the financial market. The first is its own national currency with a high level of public confidence. The second is independently pursued monetary and fiscal policy. The third is Elcard national payment system, which allows internal payments and transactions.
The banking sector dominates in the financial market, which plays an important role in the economic development of the country by providing services and resources for the implementation of projects in priority sectors of the economy. The banking system of Kyrgyzstan demonstrates stable performance despite the global economic instability. The loan portfolio amounted to more than 204 billion soms and increased by 12.2 percent compared to 2021. This indicates the involvement of financial resources in the development of the economy. The volume of deposits at the end of 2022 amounted to about 340 billion soms, having increased by 39.5 percent compared to 2021. This demonstrates a growth of public confidence in the sector.
«But, at the same time, incredible speed of development of financial technologies is registered in the world. Innovative technologies, especially in the banking sector, will play a key role in the development of the economy, given the increasing trade operations, integration processes and the general penetration of artificial intelligence and mobile technologies into our lives. Today’s technologies can quickly become obsolete as new fintech companies emerge and come up with more revolutionary solutions. Therefore, the financial market faces new super-tasks,» Akylbek Japarov said.
