Eldik Bank and MEGA launched the creation of a state fintech ecosystem in the country!
State mobile operator MEGA and Eldik Bank announced the first partnership project of its kind in Kyrgyzstan to create an integrated state fintech ecosystem. Cooperation within the framework of the first GovFinTech project involves combining the potentials of two leading state-owned companies to launch innovative mobile financial technologies and increase the efficiency of banking and telecommunications services. The emerging industry leaders also announced the joint creation of the first smart partnership product - a unique single mobile application for entrepreneurs, covering the full life cycle.
Strategic partnership
The cooperation of two large companies, namely Eldik Bank and MEGA, is of important strategic importance for our country. As part of the implementation of the National Development Strategy of the Kyrgyz Republic for the period from 2018 to 2040 and the “Digital Kyrgyzstan 2019-2023” Strategy, the collaboration of a leading bank and a leader in the field of cellular communications provides an opportunity to carry out comprehensive actions on digital transformation at the state level. This will also raise the development of the national digital economy to a new level. Consolidating existing smart government solutions is a key element of this visionary partnership.
At the country level, the diversity of fintech ecosystems stimulates the active growth of innovation, promotes the development of modern, efficient business models, which leads to the creation of new jobs and economic growth. The sector also influences social inclusion, financial inclusion - inclusion of underserved and low-income populations in the economy. It is also a significant contribution to increasing transparency, reducing corruption risks and strengthening financial stability. Simplifying access to financial services through mobile platforms also contributes to the development of small and medium-sized businesses.
Mobile operator MEGA will provide the necessary high-tech infrastructure, while Eldik Bank will contribute in the form of banking expertise, services and resources. Together, partners are exploring the possibilities of using big data, AI, and blockchain for development purposes.
“The ecosystem of GovFinTech MEGA and Eldik Bank is a contribution to the economy and solving social problems, to the creation of a state digital ecosystem and accelerating the digital transformation of the economy for its modernization and competitiveness in global markets,” said Ulanbek Nogaev, Chairman of the Board of Eldik Bank OJSC. – We are pleased to partner with MEGA; we see it as one of the key steps to implement the strategy of digitalization of financial services and the use of advanced technologies with a wide range of benefits for our clients. I am confident that together we will achieve a significant acceleration in the development of the fintech sector and will be able to strengthen the financial stability of the country. From MEGA to Mega projects.”
According to MEGA General Director Aibek Kurenkeev, the project opens a new chapter in the development of government digital technologies in our country.
“The MEGA concept as a platform for the national digital ecosystem is to create a unified and sustainable infrastructure that promotes the development of digital technologies and ensures connectivity for the effective functioning of the national ecosystem. The merger of two large companies with the available resources will allow them to be successfully implemented in the form of convenient, fast and affordable innovative solutions. I would especially like to highlight and emphasize the prospects and potential of big data analysis in the development of special services and personalized products for the convenience of entrepreneurs,” noted Aibek Kurenkeev.
Flagship product – Mobile application for Entrepreneurs
The key solution of cooperation is focused on small and medium-sized businesses, on the entrepreneur. This is the primary focus of the launch of the partnership between Eldik Bank and MEGA for the formation of GovFinTech. It is determined both by the context of the digital reforms carried out by the state, and by the dynamics of the country’s market - by 2024, the number of registered individual entrepreneurs will reach 150,000. This is in addition to the dynamics of the growth of entrepreneurship in the form of LLC.
The main idea of the product is to accompany the entrepreneur along his entire “path” (from registration to liquidation of the individual entrepreneur/LLC) and create a digital, full-fledged developing ecosystem of “life cycles” for him. At the initial stage of application implementation, it is, in fact, a digital accountant, then a lawyer, GR, etc. All this is in the businessman’s phone. The benefits of using a mobile application are solving the key “pain points” of an entrepreneur: time and money, the need to hire an accountant and lawyer, complex offline procedures for interacting with government agencies, and the lack of convenient digital tools for doing business.
In pilot mode, a single joint mobile application will be launched at the beginning of 2024. Companies were informed about the developed application roadmap
