Kazakhstan

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 …

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 – …

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 …

A new online platform (ISMET.kz) represents the next step for what a marketplace can offer businesses in Kazakhstan. Created by Kazakhtelecom JSC, it is the first B2B site in the country and enables small- and medium-sized businesses to access various online tools to help grow their business quickly and easily. …

Kairat Mazhibaev, Chairman of the Board for RESMI Group, has announced the creation of the Respublika Financial Systems Group. This new Group is planned to be an umbrella brand for approximately a dozen financial services that meets demands for digital versions of traditional financial services. The main goal of the …

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 …

The National Bank of Kazakhstan has initiated an open API program that will eventually allow consumers in Kazakhstan to use the internet services of any bank in the country. The program comes as Kazakhstani banks are becoming more interested and active in e-commerce, an important move as e-commerce in the …

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 …

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 …

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 …

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 …

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 …

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; …

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 …

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 …

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 …

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 …

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 …

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 …

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 …