On October 24, 2024 at UZCARD FORUM 2024, a Memorandum of Cooperation was signed between JSC “Common republican processing centre” (UZCARD) and CJSC “Interbank Processing Center” (operator of the National Payment System “Elkart” of the Kyrgyz Republic). This partnership represents a new stage in the development of electronic payments between Uzbekistan and Kyrgyzstan.
The memorandum is aimed at improving interaction between UZCARD and Elkart payment systems, which opens new opportunities for consumers and businesses in both countries. The main objectives of cooperation are to introduce advanced technologies for cross-border payments, support healthy competition and promote new digital solutions.
The main areas of cooperation are:
- Cross-border payments: joint efforts will focus on simplifying cross-border payment, cash withdrawal and remittance transactions for cardholders of both payment systems.
- Digitalization and new solutions: introduction of modern information technologies and support of new solutions in the market of payment services in order to increase their accessibility and convenience for the population.
- Financial literacy: joint PR-campaigns aimed at popularization of electronic payments and improvement of financial literacy of citizens of the two countries.
- Progressive projects: development and implementation of joint projects to improve the settlement system and the quality of financial services.
The Memorandum implies significant benefits for the two countries by promoting the development of e-commerce and cashless payments. The introduction of new technologies and simplification of cross-border payment transactions will create conditions for the growth of entrepreneurship and access to financial services. This, in turn, will increase the convenience and security of payments for citizens of both countries. Cooperation between UZCARD and Elkart will improve the quality of service in the banking sector, creating a more competitive environment in the payment services market. Joint projects to improve financial literacy of the population will also make an important contribution to the development of economic culture.
Thus, the integration of national payment systems UZCARD and Elcard will open new opportunities for the development of not only the financial infrastructure of the two countries, but also give a new impetus to the development of many industries, stimulating the development of mutual trade, tourism and economic cooperation between Uzbekistan and Kyrgyzstan.
It should be reminded that UZCARD FORUM 2024 is a large-scale event in the field of financial technologies, timed to coincide with the 20th anniversary of UZCARD. The forum, held for the second year in a row, brings together leaders of the banking and fintech sector of Uzbekistan on one platform.