The National Bank held a meeting on the development of digital financial infrastructure and expansion of lending to the real sector of the economy by second-tier banks
The National Bank of Kazakhstan, together with the Agency for Regulation and Development of the Financial Market, the National Payment Corporation, the Association of Financiers of Kazakhstan and second-tier banks, are held a meeting on the development of the National payment system, digital financial infrastructure and the expansion of lending to the real sector of the economy by second-tier banks.
One of the important areas of expanding lending to the economy is ensuring access of the real sector to ‘long-term money’ through the mechanism of syndicated lending, it was noted at the meeting. A block of necessary legislative amendments has already been submitted to the country’s Parliament for consideration, regulatory incentive measures for the financial sector have been developed, and a Project office operates on an ongoing basis to implement a pool of selected investment projects.
In order to developing the syndicated lending, an additional consideration will be given to strengthening the role of the Project Office, standardizing financing documentation, as well as determining the conditions for the participation of banks and development institutions to diversify the economy and maximize the involvement of second-tier banks resources in syndicated lending.
On the development of the National Payment System and digital financial infrastructure, participants were presented with preliminary results of the implementation of pilot projects on the introduction of digital tenge, the development of Open Banking, the creation of a data Sharing Center on Fraudulent transactions, as well as development of the Interbank Payment Card System. Together with a number of second-tier banks, pilot projects have been launched for the Anti-Fraud Center and for the exchange of account data with the consent of consumers within the framework of the Open API platform.
In 2024 year, together with market participants, it is planned to scale up the launched systems and projects, the Interbank Payment Card System and the Instant Payment System. As a part of the second stage of the implementation of the national digital currency, it is planned to connect new market participants, introduce payments without access to the Internet, and use smart contracts to increase the efficiency of government payments and create innovative services. The Open API platform will provide the ability to initiate payments and transfers. The functionality of the Anti-Fraud Center will be expanded and automated data exchange will be provided using the API.
The National bank is developing a digital financial infrastructure on the principles of equal accessibility for all participants in the financial market, in order to stimulate an effective competition, protect a consumer rights, and ensure the reliability and security of providing financial services in a digital format.
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