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IBC discusses digital innovations in the financial sector of Kyrgyzstan

March 5, 2022

The International Business Council continues a series of informal meetings of its members in the IBC Meetup format. The topic of the meeting held on March 2, 2022, was the introduction of digital innovations in the country's financial sector.

The event was attended by representatives of various sectors of Kyrgyz economy — banking, financial, insurance, telecommunications, consulting, auditing, legal, mining, services, food production, building materials production, as well as public and international organizations.

“In these difficult times, informal meetings become even more important. It is necessary to continue to communicate, exchange ideas and discuss mutually beneficial cooperation. This is why our IBC Meetups are held, and by tradition, each time a new topic is determined,” said Askar Sydykov, IBC Executive Director.

IBC decided to discuss how the process of digital innovation is taking place in the financial sector of the country, since over the past year this sector has become more active in investments in digital transformation.

“There are a lot of new products, specialists, technologies in our market, and we wanted to talk about all this, exchange thoughts. Therefore, we invited all IBC members. According to the format of the event, at first there were several presentations, and further discussions took place in an informal setting over a cup of coffee,” the IBC head explained.

Companion Bank's IT Managing Director Meder Mamutov informed on the remote work in the bank, and its positive aspects. These are the minimum number of employees infected with Covid-19, optimization of business processes, improvement of the bank's competitive position, and much more. Until now, the bank uses hybrid and remote modes of operation. Difficulties were also mentioned, including increased spam mailings during quarantine, problems with user equipment, and budgetary constraints.

Representatives of Kyrgyzkommertsbank Albina Shumanova and Elina Tsoi spoke about such an innovation of KKB as video banking. This is the provision of online banking services without going to the bank, when a client can open a current account or deposit in 5 minutes, receive money for urgent needs or arrange goods on credit and a number of other services remotely.

Taalaibek Kaldybaev, CEO of Finance Soft, a leading developer of banking software in Kyrgyzstan, spoke about the company's main digital products for the financial market. These are the Online Bank automated banking system, online lending, remote banking services (Internet and mobile banking) and other modern technologies in this area.

Nikolay Kuzmin, Territorial Manager of MONT, the official distributor of VERITAS products, explained how best to ensure optimal placement and fault tolerance of data and applications. The company is a licensed distributor of Microsoft, so partners receive not only Microsoft solutions, but also support and assistance in using Microsoft products.

“We hope that the presentations and discussions will be useful and will lead to further cooperation between the companies. Expansion of B2B interaction is one of the main goals of business associations, so we continue to develop this area,” the IBC head summed up the meeting.

At the end of the event, Askar Sydykov presented certificates of membership in the association to new IBC members — the Glovo service company and the HoReCa Club Association.