BISHKEK: The Kyrgyzstan Parliament has approved amendments to the Law on Microfinance Organizations during its second reading. These amendments were proposed by the Chairman of the Cabinet of Ministers and presented by Daniyar Tolonov, Chairman of the Parliament Committee for Budget, Economic, and Fiscal Policy.
The aim of these amendments is to increase the proportion of cashless transactions by expanding the range of banking operations conducted by microfinance and microcredit companies. This includes the issuance of pre-issued credit cards of the national payment system to facilitate non-cash loans, acquiring payment cards, as well as electronic money within the Kyrgyz Republic.
Additionally, the amendments encompass the use of two-dimensional barcode symbols (QR codes) and other payment instruments, ensuring compliance with existing regulations concerning the prevention of terrorism financing and money laundering.
