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Kazakhstan actively developing digital financial infrastructure

The National Bank of Kazakhstan, together with the banking community, is implementing a number of new initiatives on the digitization of financial services such as its launch of the interbank Instant Payment System, a system which allows consumers to execute online payments instantly via a mobile number. The regulator is …

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Kyrgyz banks to send information to Financial Intelligence Unit

The Union of Banks of Kyrgyzstan has met with representatives of Kyrgyzstan’s Financial Intelligence Unit about establishing a digital information exchange system with the intelligence agency. The exchange channels are expected to be completed in the near future and will comply with international standards as well as ensure information is …

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A new model of business education in Uzbekistan

Uzbekistan has embarked on an effort to ensure adequately-trained professionals are available for Uzbek businesses following a severe shortage of such personnel in the country. To accomplish this, Uzbekistan must ensure that there are competent teachers in each educational area and that existing enterprises are invested in the educational process. …

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Time for Kazakhstan to develop university-level FinTech program

FinTech companies in Kazakhstan have helped thousands of people gain access to fast and convenient financial resources. Yet, FinTech companies in Kazakhstan are facing the same problems as FinTech companies across the world: limited available talent. Currently Kazakhstani FinTech companies are trying to overcome this issue by: (1) collaborating with …

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Uzbekistan and Belarus agree to joint IT training program

Uzbekistan and Belarus have come to an agreement on the mutual training of IT specialists. Under the agreement, students will study the first half of the four-year course in Uzbekistan and the second half in Belarus, with graduates awarded a degree in both countries. Courses will be taught in Russian …

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Kyrgyz universities to offer programs on blockchain and cryptocurrencies

Universities in Kyrgyzstan will soon start offering programs that include the foundations of blockchain and cryptocurrencies. Kyrgyz Economic University was the first in the country to make such a move, partnering with the Chinese company Digital Asset Exchange. Training provided through the partnership is expected to enhance the qualifications of …

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Uzbekistan hosts DigiGirlz High Tech Camp

Uzbekistan hosted the second DigiGirlz High Tech Camp educational program, which is aimed at increasing the potential of girls and attracting them to the technology sector. The program, held at the Inha University in Tashkent, provided young girls (aged 12-17) with the chance to familiarize themselves with the technology sector …

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First academic blockchain laboratory set up in Armenia

New York-based blockchain technology company Blocktech and the French University in Armenia have announced the launch of the country’s first academic blockchain laboratory. The laboratory will undertake an interdisciplinary study that includes the involvement of the departments of finance, law, computer science and applied mathematics. Research will examine the prospects …

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Increased staff turnover costs Kazakhstani companies billions

According to the annual PwC salary and benefit review, Kazakhstani companies continued to improve business efficiency in 2018. The rate of return per employee (Human Capital ROI) grew 14% and reached USD 198,000. The share of labor costs also grew, on average, from 12% to 13%. This can be seen …

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Hackathon encourages student participation in business world

A two-day hackathon called #HACKProm was held in December 2018 to encourage 44 students from 8 Russian cities to find solutions to some of the biggest problems facing Gazprom Oil and Sibur. The hackathon is one of a number of attempts to build synergies between the business world and young …

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Reduced online lending in Kazakhstan thanks to tightened rules

The National Bank of Kazakhstan introduced several changes last year that have affected online lending. Specifically, the Bank limited the annual effective rate to 100% and also reduced the total amount of repayment to a maximum of 100% of principal. In other words, a maximum of KZT 40,000 can be …

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First fully-digital bank in Georgia

In May last year, the first fully-digital bank (called Space) opened in Georgia. The bank operates as a daily finance management application and has no branches or other physical spaces. It offers its customers the opportunity to association another bank accounts with it, make money transfers, obtain a loan in …

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Cashless payments in Kazakhstan gaining in popularity

Non-cash transactions continue to increase in the Akmola region of Kazakhstan, especially in terms of monetary value. From November 2017 through November 2018, the total volume of non-cash payments in the region increased 6.2 times, reaching KZT 31.6 billion and exceeding ATM withdrawals (totaling KZT 29.6 billion) for the first …

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FinTech lab to be created in Uzbekistan

The first FinTech lab in Uzbekistan was announced at the ‘Open Innovations in the Banking Section’ session of the International Press Club. The FinTech lab will focus on facilitating the creation and testing of new FinTech technologies and products as well as foster an atmosphere of cooperation between technology suppliers, …

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Experts predict Kazakhstan’s 2019 FinTech trends

In 2018, Kazakhstani financial institutions began working more closely with FinTech companies and purchasing a large number of FinTech products, giving more and more consumers in the country access to modern financial solutions like e-Wallets. In 2019, financial institutions in Kazakhstan are expected to continue their interest in FinTech solutions; …

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Tajikistan pushing switch towards cashless payments

The government of Tajikistan has decreed that all ministries, departments, state-owned enterprises and institutions that provide payment services must acquire equipment for accepting non-cash payments by April 1, 2019. The measure is being taken as part of a larger effort to encourage cashless payments in the country. The total number …

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PAYMO developing Uzbek financial marketplace

PAYMO has announced that it is developing a system to unite providers and consumers of financial services in one information space as part of an effort to provide consumers with a range of financial services in a faster, more efficient manner. The new financial marketplace will offer the following financial …

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Armenia launches QR code payment system

Armenia has become only the second country in the world (after Singapore) to launch the Payment Express system. The system, also known as PayX, is a single payment system that uses QR codes, facilitating easier cooperation between financial institutions and payment systems. In order to use the contactless payment system, …

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