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Telecoms may come to dominant the Kazakh payments industry

With many companies expanding their product and service offering, it’s no surprise that we are seeing new and interesting combinations for what companies offer. For example, we have seen the Chinese messenger company WeChat become a major player in Chinese FinTech sector, offering services traditionally offered by financial institutions. In …

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Digitization an inevitability in Kazakhstan

Kazakhstan began its journey toward digitization in 2006. Since that time, digitization has gained much traction in the country in both the public and commercial sectors. Our friends at Terrasoft sat down with Nurlan Akshanov, deputy chairman of Construction Savings Bank (one of the largest banks in Kazakhstan) to discuss …

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7 things COVID-19 changed in Kazakhstan’s banking sector

COVID-19 has impacted the way Kazakhstanis are living their lives, and many believe that the new normal will look very different from the old one. Within the banking sector, COVID-19 has pushed 7 key changes: Push toward online – COVID-19 has forced a quick transition to online financial services as …

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7 key compliance trends for Kazakhstan in 2020

Compliance is continuing to evolve in Kazakhstan, and our friends at banker.kz have outlined 7 key compliance trends for the country in 2020: Compliance risk management and internal control systems will be reviewed. The National Bank of the Republic of Kazakhstan passed revised risk management system and internal control requirements …

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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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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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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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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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Biometric identification still far off for Kazakhstan’s financial sector

In Kazakhstan, biometrics as an identification tool is still a far-away dream. Currently, the existing state database of citizens is being used for biometrics in the country. Although 11 financial institutions have connected the database, only 3 are actively testing the system’s biometric identification capabilities. And even within those 3 …

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Survey of Kazakhstani choices in savings accounts

A recent survey of 1,600 Kazakhstanis from 45 locales around the country indicates that a majority (55%) pay attention to the financial information of financial institutions, including credit rating and amount of equity. At the same time, more than half also indicated that they are still not ready to give …

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3 ways financial institutions in Kazakhstan can interact with BigTechs

New players, so-called BigTechs, are entering global financial markets and capturing new market niches by taking advantage of their technological innovations and huge customer bases. As these companies slowly begin their penetration into Kazakhstan, financial institutions in the country will need to choose one of three paths forward: Competition – …

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Kazakhstan’s mobile finance future

Telecom companies and banks benefit from cooperation in the field of mobile finance, especially in regard to transfers and payments. In Kazakhstan, mobile finance is only at the beginning of its journey; however, there is enormous potential as mobile finance transactions amounted to KZT 65 billion last year.  Most of …

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Kazakhstani banks embracing open APIs

Open APIs are starting to emerge as a trend in the market of IT solutions in Kazakhstan, with private banks actively exploring the potential of open APIs and the National Bank of Kazakhstan (National Bank) discussing how it will regulate open APIs in the financial sector. While awaiting regulations from …

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Kazakhstan actively developing digital financial infrastructure

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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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