National Bank of Kazakhstan talks digital developments' support measures (Exclusive)

Competing for clients, banks of Kazakhstan constantly improve and offer new services with usage of modern IT-technologies in accordance with the chosen development strategy, the spokesperson for the National Bank of Kazakhstan told Trend.

With an idea of further development, the National Bank of Kazakhstan is implementing measures in order to support those who work on developing IT-technologies.

"Taking into consideration that implementation of any innovation is related to uncertainty and that testing of such projects may bear the risk for financial market and customers, the National Bank of Kazakhstan has developed a ‘Regulatory Sandbox’," the spokesperson said.

The spokesperson further stated that within the special regimen, the participants of Sandbox’ can be partially or completely free of regulatory normative requirements for testing innovative services, technologies and solutions within confined environment.

"Currently, corresponding regulatory legal framework exists for allowing approbation of developed solutions and products by financial organizations and fintech companies in safe environment," the spokesperson said.

According to the bank, the potential market players can apply now for participation in the Regulatory Sandbox for testing new services or products on the market of financial services, including payments.

"The existence of such platform will provide for creation of new products and solution, as well as for development and automation of financial services," the spokesperson concluded.