Speaking at Kazakhstan’s Congress of Financiers, Timur Abilkasymov, first deputy chairman of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, reported a substantial reduction in bank data requests following the introduction of the FinAi supervisory platform. He also reviewed simplified licensing arrangements for new entrants and technology companies’ prospects for entering the financial market.
FinAi automates reporting collection and has allowed the agency to stop collecting many fragmented data sets. The agency is developing its own data infrastructure, including connections with a credit bureau and the credit register. An artificial intelligence assistant has been introduced to support rapid analysis of credit register data, including for financial stability assessments.
The basic banking licence introduced under the new banking law allows new entrants to conduct a limited range of operations under simplified supervision. Consultations have taken place with technology companies, including telecommunications operators. Abilkasymov stressed that innovation must not weaken consumer protection or create financial stability risks.