In compliance with provisions of the Regulation for Licensing Activities of Operators of Payment Systems and Payment Institutions approved by the NBKR Board Resolution No. 58/9 dated December 24, 2014, three organizations received licenses of the National Bank of the Kyrgyz Republic. 

Terem PAY LLC 

On June 03, 2015, The Terem PAY LLC obtained licenses for the right to carry out the following activities: 

No. 2009030615 – for rendering services related to acceptance, processing and delivery of financial information (processing, clearing) about payments and settlements of third parties to participants of the payment system of this processing and clearing center. 

No. 3008030615 – for rendering services related to accepting and making payments and settlements for goods and services, which are other than the outcome of its activities, in favor of third parties through payment systems based on information technology and on electronic means and methods of payment.  

Green Line JSM LLC 

On June 12, 2015, The Green Line JSM LLC obtained licenses for the right to carry out the following activities: 

№ 2010120615 – for rendering services related to acceptance, processing and delivery of financial information (processing, clearing) about payments and settlements of third parties to participants of the payment system of this processing and clearing center. 

№ 3009120615 – for rendering services related to accepting and making payments and settlements for goods and services, which are other than the outcome of its activities, in favor of third parties through payment systems based on information technology and on electronic means and methods of payment. 

Tillabay LLC 

On June 12, 2015, The Tillabay LLC obtained licenses for the right to carry out the following activities: 

№ 2011120615– for rendering services related to acceptance, processing and delivery of financial information (processing, clearing) about payments and settlements of third parties to participants of the payment system of this processing and clearing center. 

№ 3010120615– for rendering services related to accepting and making payments and settlements for goods and services, which are other than the outcome of its activities, in favor of third parties through payment systems based on information technology and on electronic means and methods of payment. 

Mobile & Television Communication LLC 

On June 12, 2015, the Mobile & Television Communication LLC obtained licenses for the right to carry out the following activities: 

№2012120615 – for rendering services related to acceptance, processing and delivery of financial information (processing, clearing) about payments and settlements of third parties to participants of the payment system of this processing and clearing center. 

№ 3011120615 – for rendering services related to accepting and making payments and settlements for goods and services, which are other than the outcome of its activities, in favor of third parties through payment systems based on information technology and on electronic means and methods of payment. 

The National Bank and the World Bank implement Projects for Payment Infrastructures Development 

Ms Baktygul Jeenbaeva, the Deputy Chairman of the National Bank of the Kyrgyz Republic, held a final meeting with Ms Lois Estelle Quinn, the Senior Payment Systems Specialist in the World Bank, who arrived in the country as a member of the World Bank mission. 

During their visit, the World Bank representatives held a series of meetings with the participants of the payment services market in Kyrgyzstan and the public bodies and discussed the problems and prospects of the sector development. 

Following the meetings, Ms Lois Estelle Quinn offered the National Bank to conduct a comprehensive review of the payment systems market in terms of nine components; in particular, to carry out analysis of compliance of the legislation and the regulatory framework with modern realities, analysis of the remittance market, the securities and monetary market, interaction between the participants of the national payment system as well as overseeing the payment system operators, etc. 

Ms Baktygul Jeenbaeva, the Deputy Chairman of the National Bank, expressed her gratitude for the cooperation and, given the specificity of the payment services market, offered to identify priority areas for joint work. "The market of cashless payments and electronic money is developing rapidly and may go out of control without meeting relevant rules and frameworks. To this end, the National Bank needs to keep pace with the times,” she said. 

Following the meeting between the National Bank and the World Bank, there were defined four main areas that will be started to implement this year: development of the national payment system Elcard and the Single Interbank Processing Center, assessment of electronic money risk, remittance market assessment, supervision of non-bank participants of payment systems and the payment services market on the whole. 

At the end of the meeting the parties expressed their hopes for fruitful bilateral cooperation.