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Kyrgyzstan

Big Data training in Kyrgyzstan

Big Data, as a concept, has been around for more than 10 years and involves the work of various types of specialists, including IT specialists, programmers, mathematicians, data visualization specialists, data engineers, data analysts and more. In Kyrgyzstan, the training for such specialists is rather limited, even at specialized IT …

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Attracting migrant remittances for investments into the Kyrgyz economy

According to economist Kubat Rakhimov, Kyrgyzstan has work to do if it is to ensure that laborers working abroad will make investments into the Kyrgyz economy. Specifically, he notes that the government needs to engage with the real economy and create attractive investment conditions. In this way, investments will happen …

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Bakai Bank launches anonymized precious metal accounts

Bakai Bank has launched a new service – depersonalized metal accounts. The service allows consumers to conveniently invest in grams of gold, silver and platinum. The depersonalized nature of the service means that consumers do not have to worry about transporting and storing metals. It also allows for easy and …

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Expert opinions on Kyrgyz fintech and e-commerce market

E-Commerce and FinTech Hackathon 2019, organized by KG Labs and financially-supported by GIZ’s Trade Facilitation in Central Asia project and Interbank Processing Center, was held June 14-16, 2019 in Bishkek, Kyrgyzstan. We asked its mentors how they assess the state of the FinTech and e-commerce market in Kyrgyzstan. Here’s what …

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BFC takes part in E-commerce and FinTech Hackathon 2019

BFC experts took part in E-Commerce and FinTech Hackathon 2019, which was held June 14-16, 2019 in Bishkek, Kyrgyzstan. During the event, participants were given 54 hours to turn their ideas about e-commerce development and cross-border trade into working projects. Evaluation of the projects as well as technical assistance was …

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Kyrgyz banks to send information to Financial Intelligence Unit

The Union of Banks of Kyrgyzstan has met with representatives of Kyrgyzstan’s Financial Intelligence Unit about establishing a digital information exchange system with the intelligence agency. The exchange channels are expected to be completed in the near future and will comply with international standards as well as ensure information is …

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Kyrgyz universities to offer programs on blockchain and cryptocurrencies

Universities in Kyrgyzstan will soon start offering programs that include the foundations of blockchain and cryptocurrencies. Kyrgyz Economic University was the first in the country to make such a move, partnering with the Chinese company Digital Asset Exchange. Training provided through the partnership is expected to enhance the qualifications of …

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Kyrgyzstan in top 5 for cryptocurrency attacks

Kaspersky Lab has completed a study that shows that Kyrgyzstan ranks in the top 5 in the world for cryptocurrency attacks. According to the study, hackers stole more than USD 2.3 million in cryptocurrency attacks just in the second quarter of 2018. It was reported that attackers convince user to …

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Cash vs card: Kyrgyzstan’s move towards non-cash payments

Kyrgyzstan has traditionally been a cash-based society, with many preferring the comfort of the familiar paper currency to digital alternatives. In fact, many Kyrgyzstanis are reluctant to use cards, mostly using them to withdraw cash rather than to pay directly for services with them. However, recent efforts to build a …

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New universal scoring platform to launch in Kyrgyzstan

A new universal scoring platform has been presented in Kyrgyzstan as part of the ‘Eurasian Digital Platforms’ international competition. The new platform uses data from communications operators, credit bureaus and other sources to score potential borrowers and has the goal of becoming a universal scoring platform used throughout the Eurasian …

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Uniteller and Optima Bank launch online payment service

Uniteller and Optima Bank have joined forces to launch a new online payment service, meaning that a number of additional services may now be paid online using Visa bankcards. This is important for Kyrgyzstan as the country continues to develop its digital space. The number of internet users in the …

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Kyrgyz native develops artificial intelligence system for Wall Street

In today’s world, it is not uncommon for bank employees to engage in money laundering, market manipulation and even terrorist financing. To help financial institutions avoid such incidents, Kyrgyz native and former Goldman Sachs analyst Erkin Adylov has created Behavox, a surveillance and monitoring system for the financial sector.  Behavox …

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The state of cryptocurrencies in Kyrgyzstan

With cryptocurrencies increasing in popularity throughout the world, Kyrgyzstan has also started to think about how it will interact with them, both from an official (government-level) sense as well as from a popular (citizen-level) sense. There are benefits and drawbacks to their use on a widespread scale, including the benefits …

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NBKR holds mobile balance payments violate law

The National Bank of the Kyrgyz Republic (NBKR) is insisting that the laws and regulations of Kyrgyzstan prohibit mobile operators from allowing customers to use their mobile balances to pay for other goods and services since mobile phone balances do not belong to the subscriber but are the operator’s income. …

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