The development of payment technologies in the country has brought the national system to an international level, but has simultaneously increased the vulnerability of financial institutions to fraudsters.
ELQR System Successes and New Challenges
Speaking at the FinConference 2026, dedicated to cybersecurity and artificial intelligence, Anwar Abdraev, President of the Union of Banks of Kyrgyzstan, noted a qualitative leap in the technological development of the sector. While the domestic market was previously criticized for lagging behind its neighbors, the situation has now changed.
"Not long ago, the domestic financial market was often criticized for its technological lag behind neighbors, including Kazakhstani banks. Today, the situation has changed: the ELQR system has secured leading positions not only in Central Asia but also on the global stage."
According to the head of the SBK, the downside of digitalization has been the threat to the security of funds that citizens entrust to banks. To effectively counter fraud, it is necessary to unite efforts not only within the country but also at the regional level.
Context
The FinConference 2026 event took place in Bishkek. Anwar Abdraev, who serves as the President of the Union of Banks of Kyrgyzstan and Chairman of the Board of Directors of the Deposit Protection Agency, spoke during discussions on anti-fraud and security issues.
