Kyrgyzstan and Uzbekistan have achieved a major fintech breakthrough by launching direct cross-border money transfers between their national payment systems — Elkart (Kyrgyzstan) and UZCARD (Uzbekistan) - starting July 16, 2025, financial portal Banks.kg reports.
The new service enables citizens of both countries to send funds without international intermediaries, cutting time and transaction costs. The integration follows an agreement reached at the UZCARD Forum in 2024.
“Connecting the two systems is a logical next step in building a unified financial ecosystem for Central Asia,” said Altymysh Turatbekov, CEO of the Kyrgyz Interbank Processing Center (IPC).
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First stage: Card-to-card transfers between Elkart and UZCARD.
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Next steps: UZCARD cards will be accepted in Kyrgyz ATMs and POS terminals, followed by UZCARD issuance in Kyrgyzstan.
The service is available via the Elkart Mobile app (Kyrgyzstan) and UNIRED app (AKB Universalbank, Uzbekistan), offering transparent exchange rates and a low fee of 0.5%.
This innovation benefits migrant workers, families, and businesses, allowing faster and cheaper settlements between the two countries.
Boost for Business and Tourism
Technical integration also opens the door to cross-acceptance of cards, enhancing bilateral trade, tourism, and expanding merchant networks — particularly in border regions.
Security remains a top priority: the system complies with international data protection standards, ensuring high-level transaction safety.
A Strategic Step Toward Regional Integration
Beyond convenience, the system represents a symbol of monetary autonomy, reducing reliance on Western platforms like SWIFT, Visa, and Mastercard and strengthening financial sovereignty in both countries.
In the future, the project could become multilateral, with potential participation from Kazakhstan, Tajikistan, Azerbaijan, and other regional states, creating a Caspian–Central Asian payment zone.
Analysts see this as a foundation for deeper economic integration, supporting cross-border trade, investment, and regional market development.
CentralasianLIGHT.org
July 18, 2025