National Bank Revokes Licenses of Qiwi Wallet and CONTACT Money Transfer System
On February 24, 2024, the 24.kg news agency reported that the registration of Qiwi Bank (joint stock company) as an operator of the international money transfer system CONTACT and international electronic money system Qiwi in the National Bank of the Kyrgyz Republic has been canceled. This decision was made following the revocation of the banking operations license from the credit organization Qiwi Bank in its home country of Russia.
The press service of the bank confirmed this development and stated that the official register of operators of international money transfer systems and operators of international electronic money systems/issuers of international electronic money in the Kyrgyz Republic can be accessed on the National Bank’s website under the sections “Functions of the Bank”, “Payment system”, “International and local money transfer systems”, and “International electronic money systems”.
This decision highlights the regulatory challenges faced by financial institutions operating across borders and the importance of adhering to regulations in multiple jurisdictions. Stay tuned for further updates on this story as it unfolds.
