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7 developments awaiting the Russian banking sector in 2020

Russia’s banking market has already proven itself to be very dynamic. But with changing regulations, new business models and new innovations coming to market, 2020 promises to be an interesting year for banking in Russia. Here are 7 trends expected to define banking in Russia this year: Ecosystems and super-apps …

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Ukrainian payment sector highlighted at Visa Cashless Forum

Earlier this year, Kiev played host to the 4th Visa Cashless Forum. In total, more than 300 participants gathered to discuss this year’s topic: “Driving the Future”. During the event, leading experts lead discussions surrounding trends and directions in the development of the payment sector in Ukraine. Some of the …

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Key innovations changing Russia’s financial services industry

Digital transformation of the Russian financial sector already has a solid base. And with more and more Russians taking advantage of remote service channels and becoming connected to regular internet access, there is tremendous growth potential for digitalization in Russia. In order for this to come to fruition, there are …

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How technology can help grow Kazakhstan’s insurance market

Insurance markets are changing all over the world thanks to digital innovations. This includes: changes to calculation models, increased competition (due to the rise of insurance platforms), a rise in the use of online data analysis, actuary skill development and new car insurance models. Although suffering from a number of …

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Ongoing digitalization efforts in Kazakhstan

Consumers choose to use digital services for one main reason – it solves an issue. In Kazakhstan, however, the adoption of digital services has been somewhat lower than in other countries. While a part of this lower adoption rate may be due to the consumer base in the country, the …

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The state of FinTechs in Ukraine

FinTech is a booming industry in Ukraine, with more than 100 such companies operating in the country today (58% of which were founded in the last 3 years). Because of the relative youth of the sector in Ukraine, most are now either just starting sales (24%) or working to scale …

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Reform efforts driving Uzbekistan’s financial sector development

In recent years, the banking sector of Uzbekistan has been undergoing a number of reform efforts aimed at improving the availability and quality of financial services, something important for sustained economic growth. The main priorities have been on the further development of payment systems, strengthening the financial stability of credit …

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Cybersecurity as a service – a new global trend

Cybersecurity as a service is part of a wider global trend toward the sharing economy model, in which consumers pay for a service over time as opposed to buy a product outright. As with most breakthrough concepts, cybersecurity as a service has gone from a few small startups with a …

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Kazakhstani police launch investigation into data leak

Kazakhstani police are investigating the leak of the personal data of Kazakhstani citizens. Earlier this year, it was discovered that an online database containing the personal data of about 11 million Kazakhstani voters was freely available to anyone for viewing and/or downloading. The data contained in the database was current …

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Russia’s Big Data Association to create Big Data sandbox

The Big Data Association has announced its intention to create a sandbox for working with the anonymized personal data of association customers, including data on purchases, payment types and mobile-related data. The Big Data Association hopes that the sandbox will allow association members to better design products and services. There …

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New Uzbek law defines fines, prison time for manipulating personal data

Amendments and additions to Uzbekistan’s criminal code and administrative responsibility code governing the use of personal data have been signed into law. The updated legislation outlines a schedule of fines and prison time for the illegal collection, systematization, storage, addition, use, provision, distribution, transfer, depersonalization and destruction of personal data. …

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Big Data in Kazakhstan: press review

Big Data technologies are gradually entering the Kazakh market. Large companies use solutions based on them, schools of big data analysts open, state projects on digitalization are launched. A lot of materials on this topic have been published in the local media this year, here are the main ones.   …

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Big Data in Uzbekistan: government initiatives

Government is the main initiator of Big Data activities in Uzbekistan. Here are the main ones this year.   The first BI analysts school in UZ The first school of BI analysts ASPEX BI SCHOOL has been opened at Inha University in Tashkent this March. Students can undergo three-month training …

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How the largest Ukrainian bank process Big Data

PrivatBank is the largest bank in Ukraine. It serves more than 19 million customers. Here’s everything you need to know how the bank processes customer data.   Data sources The bank analyzes a huge amount of data: from geographical coordinates and routes to customer preferences on social networks. The main …

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Digitizing Russia’s data for better public services

Despite the advances brought by digitalization and the wide availability of public services in electronic formats, Russians are still forced to make in-person visits and deal with physical documents stored in dozens of different places to do a number of, what should be, fairly mundane and routine tasks. Not only …

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Russian banks to send biometric data to centralized database

Russia’s Central Bank and Rostelecom plan on using biometric data collected by financial institutions to fill out the Unified Biometric System (EBS). EBS, designed to facilitate the delivery of banking services remotely, was launched over a year ago for all financial institutions to add to and benefit from; however, only …

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Kyrgyzstan launching open data era

Kyrgyzstan has begun the process of opening their data, with the State Communications Committee working to create a portal that will give citizens access to up-to-date information from government agencies, including the Ministries of Education, Economy, Justice and Finance as well as the Tax Service, the National Statistical Committee, the …

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Kazakhstan to create Personal Data Agency

The government of Kazakhstan is planning to create the Personal Data Agency under the Security Committee of the Ministry of Digital Development. This new agency will be responsible for coordinating and improving the storage and security of personal data. This includes work to prevent and respond to personal data leaks. …

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Russia debates the personal nature of Big Data

Amendments to Russia’s Law on Information, Information Technologies and Information Protection are currently being discussed and could have major implications for how Big Data is used in the country. The discussion centers around whether Big Data (which does not contain personal data per say but could potentially be further processed …

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