Bai-Tushum Bank is one of the first Banks to receive electronic money banking license

11.11.2015

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On November 3, 2015 Bai-Tushum Bank has become one of the first banks in the Kyrgyz Republic to receive the extra banking license entitling to effectuate payment operations with electronic money. The issue of such license will enable people in Kyrgyzstan to pay for any goods and services at stores and through Internet using e-wallets.

Gulnara Shamshieva, General Manager says: “The issue of the banking license entitling to effectuate operations using e-money will allow Bai-Tushum Bank to expand access to financial services and enhance financial engagement of population in Kyrgyzstan. This is a new and a rather promising area for banking services development. Having obtained the additional banking license, Bai-Tushum Bank is planning to bind e-wallets to the current account in the bank and other distant channels to effectuate payment operations through internet banking and payment cards. Bai-Tushum Bank intends to issue e-money in partnership with mobile e-wallet “mobilnik.kg” (Mobilnik LLC) as a payment systems operator.

The key advantage of using e-money is the easy access of population in Kyrgyzstan to non-cash payments and low cost of operations servicing. In order to use e-money it is necessary to download a special application to mobile phone and put money to the account through any cash-in terminal or at the bank’s office.