The National Bank has completed regulatory “sandboxes” for two payment companies

On February 27, the Committee on Payment Systems and Digital Financial Technologies of the National Bank of Kyrgyzstan decided to terminate special regulatory regimes for two payment companies, Regional Payment Systems and Quickpay System.

As part of the first decision, the special regulatory regime for Regional Payment Systems was terminated, and the license issued under this regime was revoked. The platform was used to test electronic money issuance operations and bank card acquiring.

A similar decision was made with regard to Sistema Quickpay. The special regulatory regime for this company has also been terminated and its license revoked. In this case, testing was conducted on electronic money issuance operations.

It should be noted that the special regulatory regime is used by the regulator to test new financial technologies and operating models in the payment services market.