BISHKEK, Kyrgyzstan, December 1. The Interbank Processing Center (Elkart) of Kyrgyzstan signed a memorandum of cooperation with UnionPay International, Trend reports via Elkart.
The memorandum, which was signed during the “UnionPay Global Partners Conference 2025” in Shanghai, outlines key areas for joint collaboration, establishing a foundation for the further development of payment infrastructure and expanding cross-border transaction capabilities between the two systems.
The document was signed by the Chairman of the Board of JSC "MPC" (Elkart), Altymysh Turatbekov. Following the signing ceremony, Turatbekov held a separate meeting with UnionPay CEO, Larry Wang. Turatbekov emphasized that the development of co-branded cards is a priority for Elkart and added that the first step would be the launch of the Elkart & UnionPay co-branded card, followed by the introduction of joint QR payment solutions. These initiatives are expected to be implemented in early 2026.
As previously reported, UnionPay has struggled to establish a strong presence in Kyrgyzstan. Despite entering the market in 2014 and issuing nearly 2,000 cards, the Chinese payment system failed to compete effectively with local and Western alternatives. By mid-2025, UnionPay will have completely exited the Kyrgyz market, marking the end of its efforts to gain a sustainable foothold in the region.
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