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Kazakhstan

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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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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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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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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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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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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Uzbektelecom and Kazakhtelecom to jointly develop IoT products

National operators from Uzbekistan and Kazakhstan are joining forces to create internet of things (IoT) products. Uzbektelecom and Kazakhtelecom have exchanged plans for the development of infrastructure as well as for the overall coordination in the information and communications market. Both sides hope that this will lead to a fruitful …

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How one Kazakh company is capturing the global IoT market

Kazakh companies have become actively involved in the development and introduction of new technologies in recent years, especially those related to the internet of things (IoT). One of them, OrionM2M, has even become a major player in the global IoT market. The company sprang out of CityConnect Group, which provides …

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State of IoT in Kazakhstan

In Kazakhstan, the internet of things (IoT) has been long-discussed. The state has even assessed the importance of this sphere, developing 9 fundamental standards in 2015 and 2016 as well as taking on several IoT projects. The state, through its choices in both standards and selected projects, has determined that …

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Kaz’Hack’Stan 2018 outlines changing digital landscape in Kazakhstan

In October 2018, Almaty hosted the second annual Kaz’Hack’Stan Conference. The Conference, devoted to practical issues in the field of information security, included panel discussions, example cases from information security experts and booths designed allow users to enhance their practical skills. During the panel discussions, speakers discussed current issues related …

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Kazakhstan begins laying financial sector cybersecurity foundation

Participants in the Kazakhstani financial system are faced with new technological challenges that they are unable to adequately face alone. However, the industry is struggling to confront them as a whole, putting individual interests ahead of the interests of the whole system. This has led to a situation where digital …

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The state of cyber-attacks in Kazakhstan

In 2017, cyber-attacks caused at least USD 1 million in damage to Kazakhstanis. The exact extent of damages is unknown due to the lack of open data; however, some estimates put the figure several times higher than USD 1 million. Last year, Kazakhstan ranked 6th in the world in terms …

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Number of cyberattacks on Kazakh banks increasing

Evgeni Pitolin, managing director of Kaspersky Lab in Central Asia and Mongolia, has stated that the number of cyber-attacks on Kazakh banks has increased in 2018, becoming even more complex and targeted than in years past. As a result of these attacks and similar attacks against other industries, the government …

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