Regulation on the Licensing of Payment Organizations and Payment System Operators

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Date of creation: 2026-02-12

Appendix to the resolution of the Board of the National Bank of the Kyrgyz Republic of September 2, 2019 No. 2019-P-14/46-1-(PS)

REGULATION

on the licensing of activities of payment organizations and payment system operators

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4, April 27, 2022 No. 2022-P-14/27-3, December 7, 2022 No. 2022-P-14/76-6, August 23, 2023 No. 2023-P-14/53-5, October 11, 2023 No. 2023-P-14/64-1, May 22, 2024 No. 2024-P-14/23-2, April 30, 2025 No. 2025-P-14/20-2-(PS), October 31, 2025 No. 2025-P-14/59-2-(PS), December 19, 2025 No. 2025-P-14/68-3-(NPA), December 26, 2025 No. 2025-P-12/70-6-(PS))

SECTION 1. PAYMENT ORGANIZATIONS AND PAYMENT SYSTEM OPERATORS AND THEIR SHAREHOLDERS (FOUNDERS)/PARTICIPANTS

Chapter 1. General Provisions

1. This Regulation "On the Licensing of Activities of Payment Organizations and Payment System Operators" (hereinafter - the Regulation) defines the procedure for issuing licenses by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank) to payment organizations and payment system operators for carrying out activities on:

1. providing services for accepting and conducting payments and settlements for goods and services, which are not the result of their own activity, on behalf of third parties through payment systems based on information technologies and electronic means and methods of conducting payments;

2. providing services for accepting, processing, and issuing financial information (processing, clearing) on payments and settlements of third parties to participants of the payment system, this processing, clearing center.

This Regulation establishes requirements for payment organizations and payment system operators and their officials, as well as the procedure for issuing an additional license to a payment organization for the right to issue electronic money.

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

2. A payment organization and a payment system operator are created in the organizational-legal form of a joint-stock company or a limited liability company, carry out activities based on constituent documents corresponding to the requirements of the legislation of the Kyrgyz Republic, on the basis of a license from the National Bank in accordance with the legislation of the Kyrgyz Republic.

2-1. A payment system operator may combine its activities only with the activities of a payment organization.

A payment organization may combine its activities only with the activities of a payment system operator.

A payment system operator/payment organization is entitled to engage only in those types of activities specified in the license, as well as to provide consulting/informational services and carry out other activities that are ancillary to the main activity or necessary to ensure its main activity.

A payment organization, having a license of a payment system operator, is entitled to provide services for acquiring bank payment cards as an ancillary activity, provided that the requirements established by this Regulation and normative legal acts of the National Bank are met.

A payment organization, meeting the requirements established by the normative legal acts of the National Bank, is entitled to additionally obtain a license for the right to issue electronic money in accordance with this Regulation.

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of May 22, 2024 No. 2024-P-14/23-2, October 31, 2025 No. 2025-P-14/59-2-(PS))

3. The license issued by the National Bank is perpetual, non-transferable, and not subject to transfer to third parties.

4. The amount of the state duty paid for licenses provided for by this Regulation is determined in accordance with the legislation of the Kyrgyz Republic.

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

5. Licensees are obliged within 15 (fifteen) working days from the date of adoption of the decision by the corresponding authorized management body to notify the National Bank:

• about the change in the size of the authorized capital;
• about liquidation or reorganization;
• about the change in the composition of the executive, supervisory management bodies (board of directors - if present);
• about the change in the legal and/or actual address of the organization;
• about the opening of representative offices and/or branches in regions or outside the Kyrgyz Republic.

Licensees must also notify the National Bank about changes in the composition of founders (shareholders/participants) and/or the sizes of their shares/parts in the organization due to their acquisition/sale/transfer by any means, as well as about the transfer of shares/parts of founders (shareholders/participants) of the organization to trusteeship by third parties. The notification must be sent to the National Bank within 15 (fifteen) working days from the date of adoption by founders (shareholders/participants) of the corresponding decisions/conclusion of contracts/agreements and other grounds in accordance with the legislation of the Kyrgyz Republic.

Notifications must be sent in writing with attached copies of the corresponding decisions of the authorized management bodies (or originals of extracts from such decisions) certified by the licensee, and other confirming documents, including those provided for by this Regulation.

The National Bank has the right to request additional documents/information regarding the changes made.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4)

6. In case of violation of the requirements of this Regulation, the National Bank has the right to apply impact measures to the payment organization/payment system operator and their officials in accordance with the legislation of the Kyrgyz Republic.

Chapter 2. Terms and Definitions

7. The following terms and definitions are used in this Regulation:

Applicant - a joint-stock company/limited liability company that has applied to the National Bank for a license to carry out the activities of a payment organization and/or payment system operator in accordance with this Regulation.

Licensee - a payment organization and/or payment system operator that has received a license from the National Bank for the right to carry out the corresponding activity.

Officials - members of the supervisory management body (Board of Directors - if present), members of the executive management body and/or persons equated to them in their functional duties, who manage the current activities of the payment organization and/or payment system operator.

Persons associated with payment organizations and/or payment system operators:

1. officials of the payment organization and/or payment system operator and their close relatives;
2. other legal or physical persons who directly or indirectly have significant participation in the capital of the payment organization/payment system operator and/or exercise control;
3. members of the supervisory and executive management bodies of legal entities specified in subparagraph 2 of this definition, and their close relatives;
4. close relatives of physical persons specified in subparagraph 2 of this definition;
5. other legal entities in which persons specified in subparagraph 2 of this definition have significant participation and/or exercise control.

The terms "significant participation" and "control" are understood in the meanings specified in Article 22 of the Law of the Kyrgyz Republic "On Banks and Banking Activity".

The criteria for the concept of "impeccable business reputation" are understood in the meanings specified in Article 45 of the Law of the Kyrgyz Republic "On Banks and Banking Activity".

Other terms in this Regulation are used according to their definitions provided for in banking legislation and normative legal acts of the National Bank.

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4, April 27, 2022 No. 2022-P-14/27-3, December 7, 2022 No. 2022-P-14/76-6, October 11, 2023 No. 2023-P-14/64-1, October 31, 2025 No. 2025-P-14/59-2-(PS))

Chapter 3. Authorized Capital

8. The authorized capital of a payment organization and a payment system operator is formed only in the national currency from monetary funds of shareholders (founders)/participants contributed to a bank account in a commercial bank.

Formation of authorized capital from fixed assets and intangible assets is prohibited. The use of monetary funds contributed for the purpose of forming the authorized capital, in the amount of the required minimum size of the authorized capital, before the decision of the National Bank on issuing/refusing to issue a license is forbidden.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of May 22, 2024 No. 2024-P-14/23-2)

9. The basis of the capital of a payment organization and a payment system operator is fully paid-up authorized capital. The capital includes only such authorized capital for which the payment organization or payment system operator has no obligations for the return of funds.

10. The minimum size of the authorized capital of a payment organization/payment system operator is established by a normative legal act of the National Bank on the minimum size of the authorized capital of payment organizations and payment system operators.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS))

11. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS))

12. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS))

12-1. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS))

13. In the event that a payment system is recognized as a systemically significant/significant payment system or a payment organization/payment system operator is recognized as a provider of critical services after 12 (twelve) months, according to significance criteria established in the Policy on Supervision (oversight) of the payment system of the Kyrgyz Republic, approved by the resolution of the Board of the National Bank of July 15, 2015 No. 38/4, then the minimum size of the authorized capital of such payment organization/payment system operator, depending on the degree of significance, is established in the amount provided for by the normative legal act of the National Bank on the minimum size of the authorized capital of payment organizations and payment system operators.

A payment organization/payment system operator within 6 (six) months from the date of notification by the National Bank of the decision of the Supervisory Committee of the National Bank in accordance with the requirements for supervision (oversight) of the payment system of the Kyrgyz Republic must decide to increase the authorized capital to the minimum size established by the normative legal act of the National Bank on the minimum size of the authorized capital of payment organizations and payment system operators, and contribute monetary funds to the bank in accordance with the requirements of paragraph 13-1 of this Regulation.

In case of non-compliance with the requirements provided for in this paragraph within the established timeframes, the National Bank applies impact measures in accordance with the normative legal acts of the National Bank.

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS), December 19, 2025 No. 2025-P-14/68-3-(NPA))

13-1. In the event of a decision to increase the size of the authorized capital, the payment organization/payment system operator must provide within 15 (fifteen) working days from the date of adoption of the decision to the National Bank the following documents:

1. a copy of the corresponding decision of the authorized management body (or an original extract from such a decision), certified by the licensee;
2. information allowing to determine the sources of origin of monetary funds of founders (shareholders/participants) - legal entities, directed to increase the authorized capital, with attached copies of confirming documents certified by the seal of the legal entity/authorized body. To confirm the information, the following documents may be presented:

• tax declaration of a legal entity for the last 3 (three) years (if available);
• audit report for the last year;
• financial statements for the last 3 (three) years (if available);
• decision on distribution of dividends, payment of dividends, in case of transfer of dividends to the bank account of a legal entity, banking documents confirming the transfer, and documents confirming the right to ownership of a share in capital, in case dividends received are used as a source;
• decision of a legal entity to direct monetary funds to form the authorized capital of a subsidiary, with attached documents confirming the lawful origin of sources of monetary funds of the legal entity;
• copies of other documents confirming the sources of origin of monetary funds directed to increase the authorized capital;

3. information allowing to determine the sources of origin of monetary funds of a founder (shareholder/participant) - a physical person, resident/non-resident, directed to increase the authorized capital, with attached copies of confirming documents certified by the seal of the legal entity/authorized body. Depending on the declared types of income (property), the following documents may be presented:

• certificate from the place of work - about income;
• certificate from financial and credit institutions about savings, confirming the presence of monetary funds at the time of increasing the authorized capital, with attached documents confirming the lawful origin of sources of monetary funds;
• duly certified copies of contracts confirming the receipt of monetary funds (purchase and sale, lease, for the performance of work or provision of services, donation) and other contracts (if the source of own funds (property) of a physical person is income (property) received under these contracts), documents on the right to ownership of property, documents on payments made to a physical person in accordance with the legislation of the Kyrgyz Republic, funds indicated by a physical person in the information. When providing copies of loan or donation agreements, documents confirming the sources of origin of monetary funds of the lender and donor, respectively, are also provided;
• duly certified copies of other documents confirming the sources of origin of own funds (income, property) of a physical person;
• duly certified copies of documents confirming the expenses of a physical person, including for the acquisition of shares (parts), real estate/movable and other property, which reduce his income and documents confirming the fact of making a transaction (transactions) aimed at acquiring shares (parts). Information on expenses must be presented for the period (financial year)/periods (financial years) in which profit was received;

4. a certificate from a commercial bank confirming the presence on the account of the payment organization/payment system operator in a commercial bank of monetary funds in the amount of the increase in the authorized capital in the national currency, except in the case of increasing the authorized capital from undistributed profit. Increasing the authorized capital from undistributed profit of a payment organization/payment system operator is carried out after passing an external independent financial audit.

A physical person - a non-resident of the Kyrgyz Republic, who is a founder of a payment organization/payment system operator, must provide documents confirming the sources of origin of money, similar to documents required for a physical person - a resident of the Kyrgyz Republic, taking into account the features of legislative requirements for the corresponding documents, resident of which he is.

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4, October 11, 2023 No. 2023-P-14/64-1, April 30, 2025 No. 2025-P-14/20-2-(PS))

13-2. In the event of non-provision by payment organizations and payment system operators of documents specified in paragraph 13-1 of this Regulation within the established timeframes, the National Bank applies impact measures in accordance with the normative legal acts of the National Bank.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of April 30, 2025 No. 2025-P-14/20-2-(PS))

Chapter 4. Requirements for Shareholders (Founders)/Participants of Applicants/Licensees

14. Shareholders (founders)/participants of a payment organization/payment system operator may be physical and legal persons, residents/non-residents of the Kyrgyz Republic.

Information about shareholders (founders)/participants of a payment organization/payment system operator must be presented in questionnaires according to the forms of Appendices 3 and 4 of this Regulation. This requirement does not apply to the National Bank of the Kyrgyz Republic, if it acts as one of the shareholders (founders)/participants of a payment organization/payment system operator.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of April 27, 2022 No. 2022-P-14/27-3)

15. The following persons cannot be shareholders (founders)/participants of a payment organization/payment system operator:

1. physical and legal persons residing and/or registered in offshore zones or having as participants affiliated persons registered in offshore zones, the list of which is established by the National Bank;
2. physical and legal persons regarding whom there are international sanctions adopted by the UN Security Council, as well as physical and legal persons registered in states regarding which there are international sanctions adopted by the UN Security Council prohibiting legal relations with the specified persons and mandatory for the Kyrgyz Republic;
3. physical and legal persons who have not provided information about their activities, financial condition, composition of participants and any other information/documents allowing to reliably identify and study the participants of a legal entity, including beneficial owners, to the National Bank in the established order, or have provided such information that does not allow to reliably identify and study the participants of a legal entity, including beneficial owners, as well as in the case if they have not confirmed their impeccable business reputation;
4. physical and legal persons regarding whom there are bans or restrictions by court decision in accordance with the legislation of the Kyrgyz Republic or legislation of a foreign state;
5. physical and legal persons who have not confirmed the lawful source of origin of monetary funds directed to acquire a share in the authorized capital of a payment organization/payment system operator in the order established by the National Bank.

15-1. In the event of a change in the composition of founders (shareholders/participants) of a payment organization/payment system operator, information allowing to determine the sources of origin of monetary funds of new founders (shareholders/participants) must be provided to the National Bank in accordance with paragraphs 19 and 19-1 of this Regulation, as well as questionnaires according to the forms of Appendices 3 and 4 to this Regulation within 15 (fifteen) working days from the date of adoption by founders (shareholders/participants) of the corresponding decisions/conclusion of contracts/agreements and other grounds in accordance with the legislation of the Kyrgyz Republic.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of October 11, 2023 No. 2023-P-14/64-1)

15.2. In the event of non-provision or provision of incomplete/unreliable information and documents on the lawful sources of origin of monetary funds, the license of a payment system operator and/or payment organization may be temporarily suspended in accordance with the normative legal acts of the National Bank until confirmation of the source of origin of monetary funds and/or alienation of shares (stocks) in favor of other founders (shareholders/participants), including new founders (shareholders/participants), the sources of origin of monetary funds of which correspond to the requirements of the legislation of the Kyrgyz Republic.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of October 11, 2023 No. 2023-P-14/64-1)

Chapter 5. Requirements for Documents Provided to the National Bank

16. Documents of the applicant (original of the document and/or duly certified copies thereof) are submitted to the National Bank at its location:

• to the central apparatus of the National Bank - by applicants registered and located in the city of Bishkek and Chuy region;
• to regional departments of the National Bank - by applicants registered and located in regions of the Kyrgyz Republic, except Chuy and Batken regions;
• to the representative office of the National Bank in the Batken region - by applicants registered and located in the Batken region.

Documents provided by foreign founders (shareholders/participants) must be legalized or apostilled in the order established by the legislation of the Kyrgyz Republic. Documents provided in a foreign language must contain a duly certified translation into the state and/or official languages of the Kyrgyz Republic.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4)

17. All documents provided to the National Bank in accordance with this Regulation and containing more than one sheet must be described page by page, bound, numbered, signed and certified by the signature of the head and seal of the applicant/licensee. At the request of the National Bank, individual documents may be provided in electronic form.

Copies of documents provided to the National Bank in accordance with this Regulation must be certified by the seal and signature of the head/other authorized person of the applicant/licensee, unless a different order for certifying copies of provided documents is established by separate points of this Regulation.

(As amended by the resolution of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4)

17-1. Along with the provision of documents provided for by this Regulation, applicants, payment organizations/payment system operators, physical and legal persons must provide consent for the collection and processing of personal data in accordance with Appendix 8 to this Regulation regarding persons whose personal data is provided to the National Bank. Failure to provide the above consent is grounds for refusing to consider the provided documents, including officials of the payment organization/payment system operator.

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of June 24, 2021 No. 2021-P-14/34-4, April 27, 2022 No. 2022-P-14/27-3)

18. In the event of withdrawal of an application and documents for obtaining a license or refusal to issue a license or revocation of a previously obtained license within the framework of this Regulation, documents provided to the National Bank and their copies are not returned to the applicant/licensee.

SECTION 2. LICENSING PROCEDURE

Chapter 6. Documents Necessary for Obtaining a License

19. To obtain a license to carry out activities for providing services for accepting and conducting payments and settlements for goods and services, which are not the result of their own activity, on behalf of third parties through payment systems based on information technologies and electronic means and methods of conducting payments, the applicant provides to the National Bank the following documents in one copy in the state or official language

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