The National Bank has cancelled the registration of the Faster money transfer system

The National Bank has removed the international money transfer system Faster from the register of operators. The decision to revoke its registration was made on 18 February this year. The system operator was Halyk Bank (Halyk Bank JSC).

According to the regulator, the reason for the exclusion was the loss of the status of payment system operator in the National Bank of the Republic of Kazakhstan. However, it is important to note that Faster's actual activity in Kyrgyzstan ceased long before the official exclusion.

Despite the fact that the system was included in the register of the National Bank of Kyrgyzstan on 10 July 2019, transfers via Faster were already recorded in 2018. At that time, the system's turnover amounted to 132.3 million KGS, with 7,600 transactions carried out, of which 84.9 million KGS accounted for incoming transfers to Kyrgyzstan.

However, in 2019, the volumes declined sharply.

The total turnover fell to 60.9 million KGS, the number of transactions to 3,500, and the share of incoming transfers amounted to 40.4 million KGS.

Since 2020, the system has effectively ceased operations in the Kyrgyz market — no incoming or outgoing transfers via Faster have been recorded.