The National Bank announced conducting of a regulatory impact analysis and development of a draft regulatory legal act to regulate the financial marketplace platforms and the use of application programming interfaces (API). Website of the bank says.

Development of a separate legal act of the National Bank is proposed to establish uniform requirements for the financial marketplace platforms and the use of API, the operator of a financial marketplace through registration with the National Bank of the Kyrgyz Republic and the interaction with participants in the provision and receipt of financial services.

«To date, digital financial platforms, as well as platform ecosystems that are formed by them, are able to unite all financial institutions (banking, payment, credit, insurance, securities services and so on) on a single platform. Creation of financial platforms is becoming a driver of innovation, economic growth and competitiveness in the modern economy. Under these conditions, there is no regulation of such platforms. But they themselves already exist and there is a demand for their services,» the National Bank explained their initiative.

They suggest that such platforms should operate by entering into a contract with the operator of a financial marketplace platform describing the provision of a particular type of services by its participants and responsibilities of the parties.

The operator must create a platform so that the cost to participants of providing and receiving financial services would be minimal. It should be noted that each year financial organizations determine in their strategic documents the budgets for the development of their systems, and on the basis of the pledged financial resources, connection costs will be incurred.