Ulaanbaatar
Mongolia and Kyrgyzstan to Cooperate in Supporting Fintech Companies
Politics
Ulaanbaatar, February 28, 2024 /MONTSAME/. The Financial Regulatory Commission (FRC) of Mongolia has signed a memorandum of understanding on cooperation with the National Bank of the Kyrgyz Republic on February 27, 2024.
According to Bayarsaikhan Dembereldash, Chair of the Financial Regulatory Commission, this agreement will involve cooperation to support Kyrgyz fintech companies and exchange information on cross-border financial operations.
The Signing Ceremony, attended by Chairman of the State Great Khural of Mongolia Zandanshatar Gombojav, Chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Japarov, and other officials, took place at the Kyrgyz Republic Government Building.
The memorandum of cooperation was signed by Bayarsaikhan Dembereldash, Chairman of the Financial Regulatory Commission of Mongolia, and Manas Zhakypov, Deputy Chairman of the National Bank of the Kyrgyz Republic.
"In an era of rapid development of cross-border financial activities, close cooperation among supervisory and regulatory authorities is necessary. Therefore, the signing of the memorandum holds great importance in ensuring the stability and integrity of the financial markets of both countries, protecting the rights of industry participants and customers, and fostering regional financial integration in a coordinated manner," emphasized Bayarsaikhan Dembereldash, Chairman of the FRC.
It was agreed to cooperate with the Kyrgyz Republic to support fintech companies and exchange information on cross-border financial operations.
Within the framework of cooperation, enterprises operating in the financial markets of both countries, including fintech companies, will receive policy support. Additionally, cooperation will extend to exchanging information on cross-border financial activities, providing mutual assistance in on-site financial inspections, and enhancing human resources.
Deputy Chairman of the National Bank of the
Kyrgyz Republic Manas Zhakypov and Chief of Financial Market Regulation and
Supervision Service of the Kyrgyz Republic Marat Pirnazarov received the
management of the Financial Regulatory Commission of Mongolia, the Bank of
Mongolia, the Deposit Insurance Corporation of Mongolia, the Mongolian Bankers
Association and other representatives at the headquarters of the National Bank
of the Kyrgyz Republic, and exchanged opinions on the development of
cooperation between financial institutions and joint implementation within the
framework of the memorandum.
