Kyrgyzstan will stop accepting Russia's Mir payment cards amid concerns it could expose the country's financial sector to Western sanctions, the national payments operator said Tuesday.
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As local card issuers struggle to seek new growth engines on foreign ground, a handful saw improvements in 2023. Making a surprise breakthrough overseas last year was Woori Card, which posted a cumulative net profit of around 6.25 billion won ($4.64 million) as of the third quarter through its foreign subsidiaries in Myanmar and Indonesia. The figure was up by almost 78 percent on-year. Driving the flourish was Woori.
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South Korean credit card issuer BC Card announced on Sunday it has decided to establish a joint venture with a Kyrgyz state-run payment provider to offer a unified card payment processing service in the central Asian country. The joint venture firm, called BC Card Kyrgyzstan (BCKG), will be set up in Kyrgyzstan's capital city, Bishkek, in August in collaboration with two firms Korean payment services firm Sma.