Kazakhstan sets 1,200 measures to accelerate financial sector digitalization
Kazakhstan has identified 1,200 measures to further digitalize its financial sector, while individual development plans have been prepared for 94 financial organizations, Madina Abylkassymova, chair of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, said at the Central Asia FinTech Summit, Qazinform News Agency reports.
According to Abylkassymova, the Agency is currently developing a new strategy for large-scale digitalization of the financial sector and the further adoption of artificial intelligence.
We have identified 1,200 specific measures, and individual development plans have been prepared for each of the 94 organizations. We will move forward based on these individual plans, she said.
The plans cover 23 banks, 25 insurance organizations, 31 securities market participants and 15 microfinance organizations. Key areas include the digitalization of internal processes, development of IT infrastructure, improving data quality, cybersecurity, the adoption of artificial intelligence, and strengthening employees’ digital skills.
To monitor the implementation of the planned measures, the Agency intends to establish a digital transformation office.
Abylkassymova said the need for an individual approach is linked to differences in the level of digital maturity among financial market participants.
Earlier, an assessment conducted by the Agency showed that banks had the highest digital maturity score among the four sectors examined, at 3.66 out of 10. Insurance organizations scored 3.4, microfinance organizations 3.1, and securities market participants 3.05.
The Agency’s chair noted that a digitalization gap persists even within the banking sector, particularly between large banks and medium-sized and smaller organizations.
Previously, Qazinform reported Kazakhstan showcased AI and crypto initiatives in talks with Binance.