Dordoi Association, New Market Technologies and Visa signed a memorandum of cooperation to launch a digital platform for the largest market in Central Asia

 Kyrgyzstan has created a digital platform for business entrepreneurs of the Dordoi TW ScoreX market, which is the foundation of the future ecosystem of the market.

Bishkek - March 24, 2021 - The Dordoi Association, New Market Technologies Company, and Visa, a global leader in digital payments and innovative payment solutions, signed a memorandum of cooperation aimed at promoting the development of Kyrgyzstan's digital infrastructure.

TrafficWave LLP, Kazakhstan, took over the project expertise and development of the platform.

"This is the first digital project of this level for the market with an annual turnover of more than $3 billion. Dordoi TW ScoreX is a platform that automates the operational processes of the market and allows business entrepreneurs to receive personalized loan offers from banks directly in the messenger. This platform allows the market itself to more effectively manage cash flows in the context of shopping malls and containers and segment the customer base for project partners. The platform also includes a rating of container owners for forecasting and calculating risks for each client. All these innovations contribute to business development, expanding opportunities, and supporting entrepreneurs in the face of instability," comments Ainur Temirkhankyzy, co-founder of New Market Technologies LLP.

To date, 10,000 of the more than 60,000 container owners and tenants in the market can already enjoy the benefits of the Dordoi TW ScoreX open digital platform. The project infrastructure provides an opportunity to implement advanced technological payment solutions.

As part of the strategic partnership, Visa will provide expertise and consulting support in choosing the effective payment system and developed technical solutions based on their international experience. The project participants and the signed partners of the memorandum inviting companies and banks to cooperate to introduce products and solutions, including those with cross-marketing potential.

"Digital platforms and open remote access to services are timely and mainstream trends in the world. The digital platform will accelerate the provision of financial services to small and medium-sized businesses, which would contribute to the development of a cashless and digital economy. This platform will become an information foundation for entrepreneurs of the Dordoi market. In our opinion, this technological solution will reduce the paper document flow and the time required for financial institutions to provide their services, and the number of payments will increase," said Nazira Beishenaliyeva, the project initiator and co-founder of New Market Technologies LLP.

"We welcome the efforts of the Dordoi Association and its founders for their willingness to digitalize the largest market in Central Asia and believe that this is indeed a landmark project for the development of non-cash and digital infrastructure in Kyrgyzstan. The rapid movement of the world to the digital format requires businesses to use all available technologies, and we are confident that connecting to the digital ecosystem will allow merchants to increase sales, expand the customer base, optimize cash flow and reporting processes, and most importantly, provide their customers with the opportunity to pay conveniently, quickly and safely," said Anton Borozdin, Acting Regional Manager of Visa in Central Asia.

Also in support of the business, Dordoi together with New Market Technologies plans to provide a container reissue guarantee, allowing banks to evaluate the container at market value. This would increase the opportunity of container owners to apply for an increased loan amount.

"The consolidation of the efforts of all partners will provide a new scale of the conversion process for the provision of digital services for small and medium-sized businesses in the Dordoi market. In the developing stage of the platform, the experience in providing services and goods of the world's digital platforms was taken into account. Nowadays, every business is going digital, and data is becoming a very valuable resource. The value of such platforms is measured, among other things, by the volume and quality of the customer base. Dordoi entrepreneurs have 30 years of experience in the field of trade, production, and service provision," added Zhumabek Salymbekov, one of the founders of New Market Technologies LLP, Vice-President of the Dordoi Association.

Entrepreneurs working in the Dordoi market noted that the open digital platform would provide significant support in obtaining fast and high-quality financial services. In their opinion, the transition to digitalization will make the process of interaction between financial institutions and entrepreneurs as transparent as possible, facilitate access to information for both sides, and an additional will reduce the number of documents submitted for financial services and the time required to review applications.

The digital platform received the approval of the founding father, Honorary President of the Association Dordoi Salymbekov Askar. He got acquainted with its capabilities: "Good work, colleagues. I am glad that we have started the process of digitalization of the market. I approve the signing of a Memorandum of Cooperation with Visa and New Market Technologies. Good luck to all of us! »

The digital platform contains analytical data for the entire market. This approach allows financial institutions to instantly enter the Dordoi market and provide their offers to customers. All financial institutions can connect to the digital platform based on entering into contractual relations with New Market Technologies.

In addition, Visa will support the introduction of innovative and secure payment solutions, such as payments by QR code, the expansion of cashless infrastructure, and the acceptance of contactless payments using Visa Tap to Phone technology, which allows you to turn an Android smartphone with an NFC module into a POS terminal for accepting contactless payments without additional equipment. Also among the solutions that will be implemented within the framework of cooperation: digitalization of cards and even more reliable data protection, via Visa Token Service, the launch of current services and products for small and medium-sized businesses using Visa business cards, will provide fast and secure payments, money transfers through the Visa Direct service, digital solution for transport parking payment and other innovative products and solutions.

About the Dordoi Association

"The Dordoi Association is the largest association of companies and organizations in the Kyrgyz Republic that successfully carry out their activities in such areas as services, production, processing, logistics, trade, education, medicine, agriculture and socially significant initiatives.

For 30 years of its fruitful activity, Dordoi has become not only a forge of successful businessmen and entrepreneurs, but also a major source of domestic investment. Also the activities of "Dordoi" contributed to the development of 18 sectors and areas of the economy of Kyrgyzstan. According to the World Bank research, the Dordoi Trade and Market Complex, which became the core of the Dordoi Association itself, had been recognized as the most successful socio-economic project implemented in Kyrgyzstan.

Its founder and Honorary President is a public figure and philanthropist Askar Salymbekov, who constantly implements socially significant and socially oriented projects, which has a positive impact on the economic, social and cultural development of the republic.

About New Market Technologies

A joint Kyrgyz-Kazakh company that owns all exclusive rights to the Dordoi TW ScoreX platform. The founders include three representatives of different business sectors: D. Salymbekov, N. Beishenalieva and TrafficWave LLP represented by A. Temirkhankyzy.

About Visa

Visa Inc. (NYSE: V) is a global leader in digital payments. Our mission - is to unite the world through the most innovative, reliable and secure payment network, which allows consumers, businesses and the economy as a whole to develop systematically. Our latest global technology network, VisaNet, provides reliable and secure payments worldwide, and can process more than 65,000 transactions per second. Visa is committed to innovation, which is a catalyst for the rapid growth of connected commerce, where virtually any connected device is able to make payments, and thus brings the transition to a cash-free future-for everyone and everywhere. As the transition from analog to digital technology takes place, Visa is leveraging its brand, products, experts, network, and scale to transform commerce. For more information, visit usa.visa.com/about-visa, www.visa.com.kz, https://cis.visa.com/ru_TJ