Open API program to push Kazakhstan toward universal internet banking

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 country has suffered from a significant number of unsuccessful transactions on the part of banks. In the past, Kazakhstani banks have shown a general willingness to engage with third-party services once they see the benefits they can provide. In this regard, an open API program that pushes them to allow third-party services to access information could lead to a boom of innovation in Kazakhstan’s financial sector.