On the Minimum Size of the Authorized Capital of Payment Organizations and Payment System Operators

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Date created: 2025-12-09

Resolution of the Board of the National Bank of the Kyrgyz Republic dated April 30, 2025 No. 2025-P-14/20-1-(PS)

On the Minimum Size of the Authorized Capital of Payment Organizations and Payment System Operators

(As amended by Resolution of the Board of the National Bank dated October 31, 2025 No. 2025-P-14/59-2-(PS))

In accordance with Articles 5, 9, and 64 of the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Article 26 of the Law of the Kyrgyz Republic "On the Payment System of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Establish the minimum size of authorized capital for newly established entities as follows:

1. payment organization - not less than 30 million soms;
2. payment system operator - not less than 20 million soms;
3. entity combining the activities of a payment organization and a payment system operator - not less than 50 million soms.

1-1. The minimum size of authorized capital for a payment organization issuing electronic money, provided that the payment organization holds a license as a payment system operator, is established at 90 million soms. When providing additional types of payment services specified in paragraph 2 of this Resolution, the minimum size of authorized capital is established at the following levels:

1. provision of payment services specified in sub-paragraph 1 of paragraph 2 of this Resolution - not less than 120 million soms;
2. provision of payment services specified in sub-paragraph 2 of paragraph 2 of this Resolution - not less than 120 million soms;
3. provision of payment services specified in sub-paragraphs 1 and 2 of paragraph 2 of this Resolution - not less than 150 million soms.

(As amended by Resolution of the Board of the National Bank dated October 31, 2025 No. 2025-P-14/59-2-(PS))

2. The minimum size of authorized capital for a newly established payment organization providing the following payment services is established at the following levels:

1. acceptance and processing of payments and settlements for goods/services not resulting from its own activities on behalf of third-party suppliers who are non-residents, provided there are direct contracts with such suppliers/technical platform integration and financial mutual settlements for cross-border payments, and acceptance of funds from payers for taxes, fees, and payments to be credited to the Unified Treasury Account of the authorized state body for budget forecasting and execution at the National Bank of the Kyrgyz Republic, provided there are direct contracts with state or local self-government bodies administering tax, fee, and payment payments - not less than 60 million soms;
2. card acquiring, provided the payment organization holds a license as a payment system operator - not less than 80 million soms;
3. provision of payment services specified in sub-paragraphs 1 and 2 of this paragraph - not less than 110 million soms.

3. Establish the following minimum sizes of authorized capital for existing payment system operators within the specified timeframes:

• from October 1, 2025 - not less than 8 million soms;
• from October 1, 2026 - not less than 15 million soms;
• from October 1, 2027 - not less than 20 million soms.

4. Establish the following minimum sizes of authorized capital for existing payment organizations within the specified timeframes:

• from October 1, 2025 - not less than 10 million soms;
• from October 1, 2026 - not less than 20 million soms;
• from October 1, 2027 - not less than 30 million soms.

5. Establish the following minimum sizes of authorized capital for existing entities combining the activities of a payment organization and a payment system operator:

• from October 1, 2025 - not less than 18 million soms;
• from October 1, 2026 - not less than 35 million soms;
• from October 1, 2027 - not less than 50 million soms.

6. Establish the following minimum sizes of authorized capital for existing payment organizations providing the payment services specified in paragraph 2 of this Resolution within the specified timeframes:

1. for payment organizations providing payment services specified in sub-paragraph 1 of paragraph 2 of this Resolution:

• from October 1, 2025 - not less than 40 million soms;
• from October 1, 2026 - not less than 50 million soms;
• from October 1, 2027 - not less than 60 million soms.

2. for payment organizations providing payment services specified in sub-paragraph 2 of paragraph 2 of this Resolution:

• from October 1, 2025 - not less than 48 million soms;
• from October 1, 2026 - not less than 65 million soms;
• from October 1, 2027 - not less than 80 million soms.

3. for payment organizations providing payment services specified in sub-paragraph 3 of paragraph 2 of this Resolution:

• from October 1, 2025 - not less than 78 million soms;
• from October 1, 2026 - not less than 95 million soms;
• from October 1, 2027 - not less than 110 million soms.

7. An existing payment organization applying to the National Bank of the Kyrgyz Republic for a license to conduct activities as a payment system operator must form its authorized capital at the levels established in paragraph 5 of this Resolution. An existing payment system operator applying to the National Bank of the Kyrgyz Republic for a license to conduct activities as a payment organization must form its authorized capital at the levels established in paragraph 5 of this Resolution.

8. An existing payment organization applying to the National Bank to provide services specified in paragraph 2 of this Resolution must form its authorized capital at the levels established in paragraph 6 of this Resolution.

9. It is established that, under this Resolution, existing payment organizations/payment system operators refer to those that have received the corresponding license from the National Bank of the Kyrgyz Republic prior to the entry into force of this Resolution.

10. The minimum size of authorized capital for a payment organization and a payment system operator, depending on the level of significance, is established at the following levels:

1. for a payment system operator whose payment system is recognized as systemically important - not less than 310 million soms;
2. for a payment system operator whose payment system is recognized as important - not less than 210 million soms;
3. if a payment organization/payment system operator is recognized as a provider of critical services - not less than 210 million soms;
4. if a payment organization/payment system operator and the payment system of the payment system operator are recognized for significance according to sub-paragraphs 1 and 3 of this paragraph - not less than 310 million soms;
5. if a payment organization/payment system operator and the payment system of the payment system operator are recognized for significance according to sub-paragraphs 2 and 3 of this paragraph - not less than 210 million soms.

11. A payment system operator whose payment system is recognized as a systemically important/important payment system, as well as a payment organization/payment system operator recognized as a provider of critical services, must form its authorized capital within 12 months from the date of entry into force of this Resolution at the levels established in paragraph 10 of this Resolution.

12. For applicants who have applied to the National Bank for a license to conduct activities as a payment organization and/or payment system operator, whose applications were under consideration prior to the entry into force of this Resolution, the minimum sizes of authorized capital are established in accordance with the requirements in effect prior to entry into force, and after issuance of the license to such persons - according to paragraphs 3-6 of this Resolution.

13. This Resolution enters into force upon the expiration of fifteen days from the date of official publication.

14. The Legal Department:

• from the day of receiving the corresponding documents, within 3 (three) working days, publish this Resolution on the official website of the National Bank of the Kyrgyz Republic;
• after official publication, send this Resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

15. The Payment Systems Methodology and Licensing Department, from the day of receiving the corresponding documents, within 3 (three) working days, bring this Resolution to the attention of payment system operators and payment organizations of the Kyrgyz Republic, and the Legal Entity Association "Association of Payment System Operators KG (KG)".

16. The "Board Secretariat" Department, within 3 (three) working days, bring this Resolution to the attention of the relevant structural subdivisions, regional departments, and the Representative Office of the National Bank of the Kyrgyz Republic in the Batken Region.

17. Control over the execution of this Resolution is entrusted to a Member of the Board of the National Bank of the Kyrgyz Republic, overseeing the Payment Systems Methodology and Licensing Department.

Chairman of the National Bank of the Kyrgyz Republic M. Turgunbayev

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