Bishkek hosts international financial forum - BIFF 2023
Bishkek, May 25, 2023. /Kabar/. The Bishkek International Financial Forum - BIFF 2023 has started in the Kyrgyz capital with the participation of the Chairman of the Cabinet of Ministers Akylbek Zhaparov.
The head of the Cabinet in his welcoming speech noted that the banking sector is predominantly represented in the financial market, which plays an important role in the economic development of the country.
“The banking system of Kyrgyzstan demonstrates stable performance despite the global economic instability. This is evidenced by the stable indicators of the banking sector. The loan portfolio of banks at the end of 2022 amounted to more than 204 billion soms, an increase of 12.2% compared to 2021, which indicates the involvement of financial resources in the development of the economy,” he said.
Akylbek Zhaparov also added that the volume of deposits in commercial banks at the end of 2022 amounted to about 340 billion soms, which is 39.5% more than in the same period of 2021.
“This indicates the continuing growth of public confidence in the banking sector. The financial stability and security of the banking system has been achieved thanks to dedicated bank employees. But at the same time, there is an incredible speed of development of financial technologies in the world. Innovative technologies, especially in the financial sector, will play a key role in the development of the economy, given the growth of trade operations, integration processes, the general penetration of artificial intelligence and mobile technologies into our lives. Today's technologies can quickly become obsolete as new fintechs emerge to offer more regulatory solutions. Therefore, the financial market faces new super-tasks,” said the head of the Cabinet.
In conclusion, he pointed out that, given the dynamic development of financial technologies, it is necessary to accelerate the development of the digital infrastructure of banking services, the introduction of innovative banking operations and digital payment technologies.
This year the Bishkek International Financial Forum-2023 is timed to coincide with the 30th anniversary of the introduction of the national currency of the Kyrgyz Republic.
The forum is held within the framework of the theme "Technologies, Opportunities and Sustainable Development". Due to global trends, the event discusses the issues of digital transformation of the payment market, as well as sustainable and green financing. The geography of the event this year has expanded not only with new countries, but even with continents. The forum is attended by experts from Kazakhstan, Georgia, Uzbekistan, Mongolia, Azerbaijan, Russia, Pakistan and other countries.
The Bishkek International Financial Forum is planned as a platform for professional communication, partnership and growth of players in the financial sector. This year it is held for the 8th time, but the format of the event has been updated. The focus is shifted from lectures and presentations to discussions and interactive workshops and demo presentations.
