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National Bank thinks of admission of cellular companies to financial market

The National Bank of Kyrgyzstan held a meeting to discuss changes and additions to the provision on electronic money. The amendments concern the admission of mobile communication providers to the financial services market. The website of the National Bank of the Kyrgyz Republic reports.

According to it, representatives of the National Bank, mobile communications providers and commercial banks attended the meeting. The participants discussed issues related to the protection of consumers’ rights: guaranteeing of payments and ensuring equal conditions for all market participants.

They also touched upon the issues of financial stability of payments in terms of accumulation of funds on the accounts of mobile operators, managing risks in the system, regulation and cooperation in supervision, including questions of countering the legalization of criminal proceeds and financing of terrorist or extremist activities.

«Following the meeting, it was agreed that the draft amendments to the provision on e-money in Kyrgyzstan will be finalized taking into account the proposals received during its public discussion. The need to minimize possible risks when replenishing electronic wallets from the balance of cell phones will be taken into account,» statement said.