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Kyrgyzstan’s nascent fintech is getting a boost as the government begins setting the foundations for further development, launching reform plans and key initiatives to bolster digital payments adoption and banking innovation.
Over the past few years, the Kyrgyz government has started looking into the potential of fintech and banking innovation to improve financial inclusion. National strategies like the Main Directions for Digital Transformation of Banking Service for 2020-2021, and the Concept for Development of Digital Payment Technologies in the Kyrgyz Republic for 2020-2022, have been developed and adopted to increase digital payment usage and fintech development.
Policies and measures including the introduction of remote account opening and digital onboarding rules, the promotion of e-signatures, and the introduction of rules on use of QR codes to ensure payments and intersystem integration of various payment systems providing payers with a single payment platform, have