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Kyrgyz Investment and Credit Bank officially presented the Union Pay/Elcard

2016 CJSC “KICB” along with «UnionPay International» company presented the first chip card Elcard/Union Pay from KICB. The representatives from the President Office of Kyrgyz Republic, the Nation Bank, the Embassy of Chinese People's Republic, and also the business community leaders of the country visited the event.

The economic relationship between the Chinese People’s Republic and Kyrgyz Republic is one of the most foreground aspects in development of the national economy. According to the data from the National statistical committee, the trade volume between our countries has reached around USD 1.1 billon in 2015 which makes China the leading economic partner.

“I’m glad to inform, that KICB is the first bank in Kyrgyz Republic and one of the leading financial institutions to introduce the chip-card Union-Pay for citizens of Kyrgyz Republic” – the ceremony was opened by Mr. Kwang Young Choi, Chief Executive Officer of “KICB”. KICB is the innovator and the leader in introduction and promotion of many financial tools and services for conducting non-cash payments, for example, the first chip-cards VISA, the wide network of ATMs and the e-wallet ELSOM. The main motive for investment in new technologies of payment services is the need to decrease the turnover of cash note payments in economy and also provision of access to our clients to safe and reliable payment cards. The China Union Pay was successfully integrated in international payment services and provides the possibility of non-cash payments around the world. Providing the access for China Union Pay card from KICB is certainly a new advantage for entrepreneurs, tourists and services, students in Kyrgyz Republic.”- noticed Mr. Kwang Young Choi, Chief Executive Officer of KICB.

The co-badged card Union Pay/Elcard from KICB units all the advantages of the local payment system Elcard and international payment system Union Pay in one, it provides customers with the possibility to cash out in each ATM of the country with the low tariffs, to pay for goods and services not only in Kyrgyzstan, but also in 150 countries and regions around the world.

The Union Pay chip ensures the increased safety of cash operations, and also safety of personal data on the card.

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