BC Card, First Korean Card Company to Enter Kyrgyzstan... "Supporting 1.3 Trillion KRW in Digital Payments"

Supported by FSC, MOU Signed with Kyrgyzstan
Technical Support for Payment Infrastructure

BC Card is the first domestic card company to enter Kyrgyzstan. It plans to support the conversion of local card usage amounting to 1.3 trillion KRW into digital payments.

On the 21st, BC Card announced that it signed a Memorandum of Understanding (MOU) on June 19th at the Kyrgyzstan Presidential Office Press Center with value-added network (VAN) company Smartro and IPC, a state-owned payment operator under the Central Bank of Kyrgyzstan, for the "Establishment of Payment Infrastructure for Financial Advancement in Kyrgyzstan."

The signing ceremony was attended by Kim So-young, Vice Chairman of the Financial Services Commission, Almas Isanov, Chief Economic Secretary of the Kyrgyzstan Presidential Office, Kaip Kulenbekov, Deputy Governor of the Central Bank of Kyrgyzstan, Kanikei Zhamangulova, Chairperson of IPC, Choi Won-seok, President of BC Card, and Jang Gil-dong, President of Smartro.

Accordingly, BC Card plans to promote the connection of payment networks between Korea and Kyrgyzstan and cooperate in building Kyrgyzstan’s payment infrastructure.

Previously, the Kyrgyzstan government has been promoting digital transformation and financial infrastructure advancement as part of its "National Development Strategy 2018-2040." Although cash payments still account for 95%, non-cash payments are rapidly increasing. According to the Central Bank of Kyrgyzstan, as of the end of last year, the total card usage amount in Kyrgyzstan was 906.4 million USD (approximately 1.3 trillion KRW), with the number of transactions and amount increasing by 83% and 129% respectively compared to the previous year.

However, the lack of payment infrastructure is an obstacle to advancing digital transformation policies. Currently, among 400,000 businesses nationwide in Kyrgyzstan, only 10,000 merchants (about 3%) have installed payment terminals.

In response, BC Card will collaborate with IPC to upgrade Kyrgyzstan’s payment system and introduce locally customized contactless payment technologies such as QR payments. Smartro will provide know-how for expanding and operating merchant payment infrastructure.

The financial authorities also provided support. The Financial Internationalization Response Team, directly under the Financial Services Commission and established to support domestic financial companies’ overseas expansion, helped understand the Kyrgyzstan financial market status and connect with local government agencies and the central bank.

Choi Won-seok, President of BC Card, said, "BC Card’s entry into the Kyrgyzstan market is the result of close public-private cooperation. With BC’s self-developed digital payment technology, we will lead digital transformation not only in Southeast Asia but also in Central Asian countries."

From the left, So-Young Kim, Vice Chairman of the Financial Services Commission, Won-Seok Choi, President of BC Card, Kanikei Zhamangulova, Chairperson of IPC, and Almas Isanov, Chief Economic Secretary of the Kyrgyzstan Presidential Office, are posing for a commemorative photo after signing a business agreement on "Establishing Payment Infrastructure for Financial Advancement in Kyrgyzstan" among BC Card, Smartro, and the Kyrgyzstan state-owned payment operator IPC at the Kyrgyzstan Presidential Office Press Center on the 19th. (Photo by BC Card)