Lithuanian companies BAIP and ETRONIKA, managed by INVL Technology, are launching an exclusive financial services project in Kyrgyzstan. The tandem of specialized IT solution and financial technology companies will help Kyrgyz Pochtasy, a state-owned company, to digitise and accelerate the provision of basic financial services to all residents of the country.
BAIP, with many years of experience with public sector organizations in Lithuania, Europe, Sub-Saharan Africa and Asia, will coordinate the implementation of the project and will be responsible for the implementation of the technological part of the project.
“The modernization of Kyrgyzstan post will contribute to the implementation of Financial Sector Development. The optimisation of postal financial service processes, transition from manual work and handling of numerous paper documents to digital technology is a huge leap forward”, says Gytis Umantas, CEO of BAIP. “People in the country will enjoy practical benefits from the project through simplicity and accessibility of services, and the state – through savings, higher quality of financial services and data safety.”
“Following the digitisation project for postal services, Kyrgyzstan post will acquire the means to quickly organize the integration of partners – payment service providers such as Western Union or Moneygram, and to simplify work with business customers providing financial services through the postal network. The solution implemented and adapted in the project will also ensure that the financial services comply with international and national money laundering prevention requirements”, says Arnoldas Jankūnas, Director of ETRONIKA.
The project implemented by Lithuanian companies is one of several key components of the Financial Sector Development Program for the Kyrgyz Republic funded by the World Bank.
“We appreciate the opportunity to transfer our experience in the management of complex IT solutions to a new country and contribute to Kyrgyzstan’s digital transformation”, says Umantas.
ETRONIKA UAB is a company of the NRD Group, one of the TOP100 most innovative financial technology companies in Europe, developing innovative solutions for digital banking, retailing and mobile signature.
NRD Companies is a global group of information technology and consulting companies specialising in public sector management and development of digital economy infrastructure.
Both BAIP and NRD Companies are owned by INVL Technology, a UTIB investment company in information and communication technology, listed on AB NASDAQ OMX Vilnius.