Regulatory Alerts | 130293Regulation on Access to Financial Services via Financial Platforms (Marketplaces) Using Open APIs in the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this Regulation to establish a unified legal framework for financial platforms (marketplaces) utilizing open APIs, defining the operational roles of platform operators, service providers, and end users. It mandates that qualified financial institutions operate or connect to these platforms through standardized API interfaces while ensuring 24/7 online access, robust data protection, and transparent information placement. The Regulation further requires operators to maintain a National Bank registry, submit quarterly service reports, and adhere to strict operational rules regarding risk assessment, dispute resolution, and secure transaction processing.
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