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    Central Asia

    Kyrgyzstan reviews license revocation of Qiwi Bank

    Kyrgyzstan reviews license revocation of Qiwi Bank

    The license of “Qiwi Bank”, a key player in the international money transfer system, is on the brink of revocation in Kyrgyzstan, 24.kg reported. This development, currently under review by the National Bank of Kyrgyz Republic (NBKR), comes in line with banking legislation. As of February 21, Qiwi Bank has been operating as the recognized operator of the CONTACT international money transfer system and the “QIWI” international electronic money system in Kyrgyzstan.

    Photo: Kyrgyzstan reviews license revocation of Qiwi Bank 
    Source: RBK
    Steps are underway to de-register “Qiwi Bank” as an operator of international money transfer systems and the international electronic money system/issuer of international electronic money.

    The NBKR commented that, in line with the requirements of regulatory legal acts of the National Bank, the repayment of obligations to customers is being carried out, taking into account insurance instruments and contractual relations between international payment systems and commercial banks of Kyrgyzstan.

    The Bank of Russia, by order of February 21, revoked the license for banking operations from the credit institution “Qiwi Bank”. The credit organization held the 89th position in the banking system of the Russian Federation in terms of assets.
    Photo: Kyrgyzstan reviews license revocation of Qiwi Bank 
    Source: Freepik

    Earlier, Daryo reported that several Uzbek banks stopped international money transfers via the Contact payment system. This action follows the Central Bank of Russia’s decision to withdraw QIWI Bank’s license and terminate operations linked to the Contact international money transfer system, according to media sources.

    Major Uzbek banks such as “Aloqabank,” “Xalq Banki,” “Turonbank,” “Garant Bank,” “Mikrokreditbank,” “Universalbank,” and “Poytaxt Bank” declared a stop to operations under the Contact system. The Contact money transfer system, being a property of QIWI Bank, has its limitations directly tied to the license withdrawal by the Central Bank of Russia, which attributed the revocation to “high-risk operations.”

     

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    22.02.2024, 12:21   Comments (0)   1662
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