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Kazakhstan’s Fintech Landscape: A Growing Ecosystem

Astana, Kazakhstan - The National Bank of Kazakhstan (NBK) has unveiled a comprehensive concept aimed at developing the country’s financial technology (fintech) market. The initiative aims to create a robust infrastructure for fintech companies and promote innovation in the sector.

Instant Payments and Card Transactions

According to data from 2017, cash withdrawals accounted for 86% of all transactions, while non-cash transactions stood at 54%. However, with the introduction of Kaspi’s Cartomat technology, Kazakhstanis can now receive a personalized Kaspi Gold card in just 60 seconds.

National Payment System and Infrastructure

The NBK has developed an instant payment system, interbank payment card system, interbank clearing system, and real-time gross settlement (RTGS) system to facilitate seamless transactions. Additionally, the bank has launched a digital tenge platform, which utilizes distributed ledger technology for payments and transfers.

The NBK’s open API platform allows fintech companies to access financial services and accounts using third-party applications. The consent management system enables consumers to manage their personal and financial data.

Anti-Fraud Center and Digital Tenge Platform

The anti-fraud center is designed to exchange information on fraudulent transactions, while the digital tenge platform offers a new form of money based on distributed ledger technology.

Key Priorities for Fintech Development

The NBK has identified three key priorities for fintech development in Kazakhstan:

Digital Regulator: Establishing a regulatory framework that encourages innovation and minimizes risk.
Digital Infrastructure: Developing infrastructure to support fintech companies, including payment systems, financial data exchange, and biometric identification.
Live Environment: Creating an environment conducive to fintech growth, with minimal bureaucracy and maximum flexibility.

Success Factors for Fintech Development

Experts have identified several success factors for fintech development in Kazakhstan:

Progressive Legal Field: A regulatory framework that encourages innovation and minimizes risk.
Mutual Penetration of Financial and Public Services: Seamless integration of financial services with public services, such as government agencies.
Emergence of Bank-Centric Ecosystems: The development of bank-centric ecosystems that promote collaboration between banks and fintech companies.

Role of the Data-Focused Management System (DFMS)

The DFMS plays a crucial role in realizing the concept of fintech development in Kazakhstan by:

Implementing a data-centric approach to data collection, eliminating duplicate data and increasing analytical potential.
Reorganizing data management systems to improve data collection and processing tools.

Four Directions for Fintech Development

The NBK has identified four key directions for fintech development:

Informational Support: Providing financial market indicators to business units of the NBK and Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market.
Single Window of Interactions Initiative: Creating a single window for interactions between fintech companies, banks, and government agencies.
Data Management Reorganization: Improving data management systems to increase efficiency and reduce costs.
Improving Data Collection and Processing Tools: Enhancing data collection and processing tools to support fintech innovation.

As Kazakhstan continues to develop its fintech landscape, the NBK’s concept provides a clear roadmap for growth and innovation in the sector. With its emphasis on digital infrastructure, regulatory frameworks, and data management systems, the country is poised to become a major player in the global fintech market.