Kyrgyzstan's "Eldik Bank" has opened its own subsidiary IT company

“Eldik Bank” in Kyrgyzstan has become the first financial institution to open its own subsidiary IT company. To establish this company, the bank had to make changes to the requirements of the National Bank of Kyrgyzstan, as commercial banks were previously not allowed to open subsidiaries unrelated to the financial sector. Bank representatives argued that the new IT company would focus on developing financial technologies, aligning with the FinTech concept, and ultimately received approval from the regulator.

The new company, named “Eldik Tech,” is already actively operating. Currently, work is underway on a new version of mobile banking, with its launch scheduled for September of this year. At present, the company employs around 40 IT specialists, but the bank plans to increase their number to match the level of competitors, where up to 800 people work on financial technologies.

Source: economist.kg