The new regulations have been put forward for public discussion.
Key changes in the section "Terms and Definitions"
| Financial Platform (Marketplace) | An electronic platform where information about financial services is posted and the possibility of transactions is available through a personal account | An electronic information technology system that provides information about financial (banking/payment) services and allows their acquisition through a personal account using secure technologies | Clarified that it refers to an IT system with an emphasis on security and technology |
| Operator of Financial Platform Services | Legal entity that ensures communication between service providers and users, providing round-the-clock access | Legal entity registered in the register of operators, responsible for communication between providers and users through various technologies | Mandatory inclusion in the register introduced and methods of interaction clarified |
| Provider of Financial Services | Legal entity that has entered into a contract with the operator to place its services on the platform | Legal entity under the control of the National Bank that has entered into a contract with the platform operator | Clarified that providers must be under the control of the National Bank |
| Personal Account | Electronic account on the operator's servers | Operator's personal account, accessible only after authorization (login/password) | Authorization procedure for access clarified |
| Financial Services | Services provided by financial institutions in accordance with the legislation | Banking and payment services in accordance with the laws of the Kyrgyz Republic | Clarified that these are specifically banking and payment services |
| Information Service | Provision of up-to-date information about financial services of providers | Placement of current information and application programming interfaces (APIs) | Mention of API added to the definition |
| Open Application Programming Interface (API) | Technology for data exchange between systems | Set of protocols and tools for developing software interaction | Clarified that this is specifically a set of tools and protocols |
| Chatbot | Program for communication using text messages | Program for communication on websites, in messengers, and mobile applications ensuring confidentiality | Communication channels clarified (websites, messengers, mobile applications) |
| Bonded Metal Accounts | — | Accounts for accounting precious metals without physical placement | New term introduced in the rules |
The updated rules detail and clarify existing terms, introduce new concepts (bonded metal accounts, API as a set of tools), strengthen security and authorization requirements, and define the status of participants (inclusion in the register, oversight by the National Bank). This makes the regulatory framework more relevant and aligned with modern technologies in the fintech sector.
