These rules replace the previous regulation that has been in effect since 2022 and introduce more relevant and clear requirements for operators of such platforms.
Key changes in the new edition
| Document Title | Regulation on Access to Financial Services through Financial Platforms Using Open Interfaces | Rules for the Creation and Operation of Financial Platforms (Marketplaces) in the Kyrgyz Republic |
| Who Can Be an Operator | Only commercial banks, microfinance organizations, and payment system operators | Any legal entities can be operators, including non-bank financial institutions, banks, and payment organizations |
| Permission Acquisition Process | The decision to create is made by the board of directors or the general meeting of participants | The decision is made by the authorized management body in accordance with the legislation of the Kyrgyz Republic |
| Operator Requirements | Services must be highlighted in a separate section on the website or in the application | The creation of a separate internet resource or mobile application not related to the bank's website is allowed |
| Operator Responsibility | Responsibility for the placement of information and provision of services | Clarified responsibility for maintaining the confidentiality and accuracy of information |
| Licensing | A license from the National Bank is required for certain types of activities | Operators not under the supervision of the National Bank can operate with the relevant decisions and compliance with requirements |
These new rules open doors for a greater number of non-bank participants in the creation of financial marketplaces, simplify the requirements for platform registration, and emphasize data confidentiality and the security of provided services.
