Speaking at the 11th Bishkek International Finance Forum (BIFF 2025), Prime Minister Akylbek Japarov emphasized that Kyrgyzstan is open to cooperation in digital finance, encourages investment in the banking sector, and is eager to exchange expertise with international partners.
Japarov emphasized that digital transformation is integral to the global sustainable development agenda and that Kyrgyzstan is steadily implementing digital solutions to build a modern, trust-based financial ecosystem,
The Caspian Post reports citing
foreign media. “Today, we stand at the threshold of a new digital era, where data processing technologies are transforming not only the financial system but also the foundations of public administration and socio-economic development. That is why digitalization is a strategic priority of the Kyrgyz Republic’s state policy,” said the head of the Cabinet.
Since 2023, Kyrgyzstan has actively promoted a cashless payment system using QR codes integrated with bank cards, e-wallets, and mobile applications. QR code payments have become routine for many citizens. The government is also developing digital platforms to support small and medium-sized businesses and expanding infrastructure for fintech startups.
Japarov noted that the introduction of the digital som will mark a key milestone in the country’s digital transformation. “After President Sadyr Japarov signed the law introducing the digital som, the implementation of this strategic initiative began. It will affect virtually all sectors of the economy and represents a significant step in developing the national digital economy,” he said.
Banking sector representatives stressed that forums like BIFF are essential not only for advancing electronic finance but also for addressing cybersecurity challenges. The forum has emerged as a platform for discussing innovative strategies to combat digital fraud.
Anna Kulashova of the Russian cybersecurity company, Kaspersky Lab, highlighted that the widespread adoption of digital financial technologies also increases exposure to cyber threats. “We are ready to share our knowledge and experience in the field of cybersecurity. We are open to developing cooperation in this area,” she said.
Visa representatives praised Kyrgyzstan’s pace of digitalization. According to Visa’s Evgeny Lesnyak, the country is frequently used as a testbed for innovative financial solutions. “In many countries, paying for public transport with contactless methods is still difficult. In Kyrgyzstan, this service has been available for four years via QR codes using Visa cards. That’s rare even in developed markets. We see Kyrgyzstan as a platform for testing innovations. Your solutions are exportable and help launch new services in other countries,” he said.
Aibek Kurenkeev, President of the E-Commerce Association and moderator of the forum, told The Times of Central Asia that Kyrgyzstan has gained valuable experience in modernizing its financial system. However, he stressed that rapid technological development requires greater openness and regional knowledge exchange.
“We heard engaging presentations on the stock market, Kyrgyzstan’s entry into international capital markets, protection against cyber threats, new payment solutions, and mechanisms such as the self-prohibition system for issuing loans. The forum brought together diverse experts, and I believe we’ve laid a solid foundation for a sustainable, transparent, and inclusive digital future,” he said.
Kurenkeev noted that fintech is one of Kyrgyzstan’s fastest-growing sectors, with cashless transactions now accounting for over 50 percent of all payments, and the trend is continuing to grow.
“For comparison, Kazakhstan’s share of non-cash payments is about 87%, a strong indicator. But in Kazakhstan, they can hardly imagine the speed of development we’re showing. We adopt and adapt quickly. We’re confident we’ll reach those figures faster than many neighbors,” he concluded.
Kurenkeev also expressed confidence that Kyrgyzstan will see significant growth in various sectors, including e-commerce, over the next two years.
